RBI imposes penalty on One Mobikwik Systems, Spice Money
The Reserve Bank of India (RBI) on Thursday said it has imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik Systems Private Ltd and Spice Money Ltd for deficiencies in regulatory compliance.
The Reserve Bank of India (RBI) on Thursday said it has imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik Systems Private Ltd and Spice Money Ltd for deficiencies in regulatory compliance.
Giving details, the central bank said it observed that the two entities had not complied with the directions issued by the RBI on networth requirement for Bharat Bill Payment Operating Units (BBPOUs).
As these were offences of the nature referred to in a Section of the Payment and Settlement Systems Act, 2007, notices were issued to the entities.
"After reviewing their written responses and the oral submissions made during the personal hearing, the RBI concluded that the aforesaid charges of non-compliance with the RBI directions were substantiated and warranted imposition of monetary penalty," it said.
The RBI, however, added that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
06:07 PM IST