Case Brief
The Reserve Bank of India imposed monetary penalties on five Prepaid Payment Instrument (PPI) issuers for non-compliance with regulatory guidelines. The action was taken under Section 30 of the Payment and Settlement Systems Act, 2007. The entities named in the release are My Mobile Payments Limited, Phonepe Private Limited, Y-Cash Software Solutions Private Limited, Vodafone m-pesa Limited, and GI Technology Private Limited. The penalties listed in the press release were ₹100 lakh, ₹100 lakh, ₹5 lakh, ₹305 lakh, and ₹100 lakh respectively.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 Cr
- Entity Type
- Payment entity
- Action Type
- Monetary penalty