Action on Balancehero India
Case Brief
The Reserve Bank of India has imposed a monetary penalty on Balancehero India Private Limited, identified as a Prepaid Payment Instrument (PPI) issuer, under Section 30 of the Payment and Settlement Systems Act, 2007. The release says the action was for non-compliance of regulatory guidelines, but it does not specify the exact violation details or the penalty amount.
The Reserve Bank of India imposed a monetary penalty under Section 30 of the Payment and Settlement Systems Act, 2007 on Balancehero India Private Limited, described as a Prepaid Payment Instrument (PPI) issuer, for non-compliance with regulatory guidelines. The release does not provide further factual detail on the specific breach or the amount of penalty.
Severity Assessment
This is a monetary penalty, but the release does not state an amount; absent a stated amount, the safest severity is the lowest penalty bucket.
Balancehero India Private Limited faces a regulatory monetary penalty. The release does not indicate any operational restriction or ongoing limitation beyond the fine, and no further details are given on compliance steps or deadlines.
Published as Balancehero India Private Limited
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