Case Brief
The Reserve Bank of India imposed a monetary penalty on LivQuik Technology (India) Private Limited for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments. RBI said the entity was not compliant with its directions on net-worth requirement, issued a show-cause notice, and after considering the reply, concluded that the contravention was substantiated and warranted penalty under Section 30 of the Payment and Settlement Systems Act, 2007.
Action Snapshot
- Primary Impact
- Fine: Rs 14.8 L
- Entity Type
- Payment entity
- Action Type
- Monetary penalty