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.
Also, penalties have been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of guidelines.
The central bank said in a statement that a penalty of Rs 3.05 crore was imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology.
Also, a penalty of Rs 5 lakh has been imposed on Y-Cash Software Solutions.
In another statement, the RBI said it has imposed penalty of Rs 29,66,959 and Rs 10,11,653 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.
📢 Partner with India CSR
Are you looking to publish high-quality blogs or insert relevant backlinks on a leading CSR and sustainability platform? India CSR welcomes business and corporate partnership proposals for guest posting, sponsored content, and contextual link insertions in existing or new articles. Reach our highly engaged audience of business leaders, CSR professionals, NGOs, and policy influencers.
📩 Contact us at: biz@indiacsr.in
🌐 Visit: www.indiacsr.in
Let’s collaborate to amplify your brand’s impact in the CSR and ESG ecosystem.
