Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1,76,00,000 on Vakrangee Limited under Section 30 of the Payment and Settlement Systems Act, 2007. RBI found the entity non-compliant with certain provisions of the White Label ATM directions, specifically directions relating to ATM deployment targets. After issuing a show-cause notice and considering the entity’s written and oral submissions, RBI concluded that the non-compliance was substantiated and warranted the penalty. RBI clarified that the action is based on regulatory deficiencies and does not pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 1.76 Cr
- Entity Type
- Other
- Action Type
- Monetary penalty