Case Brief
The Reserve Bank of India, exercising powers under Section 30 of the Payment and Settlement Systems Act, 2007, imposed monetary penalties on two prepaid payment instrument (PPI) issuers: One Mobikwik Systems Private Limited and Hip Bar Private Limited. The release states that the penalties were for non-compliance with regulatory guidelines, but the excerpt provided does not specify the exact violations or the quantum of penalty for each entity.
Action Snapshot
- Primary Impact
- Monetary penalty
- Entity Type
- Payment entity
- Action Type
- Monetary penalty
- Order Date