RBI penalises Prepaid Payment Instrument Issuers |
The Reserve Bank of India on Friday said that it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms. The central bank said in a statement that a penalty of 440 thousand dollar was imposed on Vodafone m-pesa and 144 thousand dollar each on Mobile Payments, PhonePe, Private and GI Technology. Also, a penalty of 500 thousand dollars has been imposed on Y-Cash Software Solutions. In another statement, the RBI said it has imposed penalty of 42 thousand 760 dollars and 14 thousand 580 dollars on Western Union Financial Services Inc, USA, and MoneyGram Payment Systems Inc, USA, respectively, for non-compliance of regulatory guidelines. Penalty on Western Union and MoneyGram has been imposed by the RBI under the provisions of the Payment and Settlement Systems Act, 2007, for compounding of the contravention.
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