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In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed a monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines.

S. No. Name of the PPI Issuer Speaking Order Dt. Penalty (Lakh)
1. One Mobikwik Systems (P) Ltd. 17-05-2019 Rs 15.00
2. Hip Bar (P) Ltd. 24-05-2019 Rs 10.85

Press Release: 2019-2020/273

[Press Release dt. 29-07-2019]

Reserve Bank of India