Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 30,50,000 on Paul Merchants Finance Private Limited under Section 30 of the Payment and Settlement Systems Act, 2007. RBI said the company had not complied with certain provisions of the Master Directions on Prepaid Payment Instruments and, in particular, with directions on loading limits for Small PPIs. After considering the entity's response to the show-cause notice, RBI concluded that the charge was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 30.5 L
- Entity Type
- Payment entity
- Action Type
- Monetary penalty