Advertisement
Friday, Dec 02, 2022
Outlook.com
Outlook.com

Reserve Bank Of India Slaps Monetary Fine On Mobikwik Systems, Spice Money

The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 30 of the PSS Act, the central bank said in a statement.

Reserve Bank Of India Slaps Monetary Fine On Mobikwik Systems, Spice Money
Reserve Bank Of India Slaps Monetary Fine On Mobikwik Systems, Spice Money
outlookindia.com
2021-12-23T17:48:25+05:30

The Reserve Bank of India (RBI) on Thursday imposed monetary penalty on the two Payment System Operators (PSOs) One Mobikwik Systems and Spice Money for non-compliance of norms, the central bank said in a statement.

Both the payment companies have been slapped with a fine of Rs 1 crore, as per the order issued by the central bank.

“It was observed that the above entities had not complied with the directions issued by RBI on networth requirement for Bharat Bill Payment Operating Units,” the RBI said.

As these were offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007, notices were issued to the entities, it further said.

The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 30 of the PSS Act, it said.

"These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers," the statement added.

"After reviewing their written responses and the oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non compliance with RBI directions were substantiated and warranted imposition of monetary penalty," the central bank said, according to a report published in Moneycontrol, citing RBI statement.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement