Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Pine Labs Limited, formerly known as Pine Labs Private Limited, by order dated March 23, 2026. The penalty was levied under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007 for non-compliance with RBI directions on prepaid payment instruments. RBI’s inspection for the period July 2024 to May 2025 found that the company had issued several Full-KYC PPIs without completing KYC of the PPI holders. After considering the company’s reply, additional submissions, and oral hearing, RBI sustained the charge and imposed the penalty. The release notes that the action is based on regulatory non-compliance and does not pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 3.10 L
- Entity Type
- Payment entity
- Action Type