Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5,00,000 on Eko India Financial Services Private Limited under section 30 of the PSS Act, 2007. The penalty was based on findings that the entity had not adhered to RBI instructions and had submitted wrongful reporting. RBI had earlier issued a show-cause notice after scrutinizing returns, and it concluded the charges were substantiated after reviewing the entity’s written submission.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Payment entity
- Action Type
- Monetary penalty
- Order Date