{"id":360295,"date":"2025-09-16T11:30:21","date_gmt":"2025-09-16T06:00:21","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=360295"},"modified":"2025-09-16T11:42:44","modified_gmt":"2025-09-16T06:12:44","slug":"rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","title":{"rendered":"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach"},"content":{"rendered":"
\n

On 12-9-2025, the Reserve Bank of India (‘RBI’) announced penalising PhonePe Limited (formerly known as PhonePe Private Limited) with a monetary fine of ₹21 lakh for non-compliance<\/span> with its regulatory directions on Prepaid Payment Instruments<\/span> (PPIs).<\/p>\n

Key Takeaways:<\/h3>\n
    \n
  1. \n

    Prepaid Payment Instruments<\/span> are digital wallets or cards that store monetary value and are used to purchase goods and services.<\/p>\n<\/li>\n

  2. \n

    RBI requires PPI issuers to maintain an escrow account with sufficient funds to cover all outstanding balances and merchant dues. Any shortfall or delay in reporting such discrepancies is treated as a serious compliance violation.1<\/sup><\/a><\/p>\n<\/li>\n

  3. \n

    The RBI initiated a statutory inspection into PhonePe’s operations to assess compliance with PPI regulations. The inspection focused on the company’s financial practices, particularly the maintenance and reporting of its escrow account balance.<\/p>\n<\/li>\n

  4. \n

    RBI conducted a statutory inspection into PhonePe’s operations from October 2023 to December 2024<\/span>.<\/p>\n<\/li>\n

  5. \n

    The inspection revealed that, on certain days, the end-of-day balance in PhonePe’s escrow account<\/span> was less than the value of outstanding PPIs and payments due to merchants<\/span>, a clear violation of RBI’s PPI guidelines.<\/p>\n<\/li>\n

  6. \n

    The Company also failed to report these shortfalls immediately<\/span> to RBI, compounding the breach of compliance.<\/p>\n<\/li>\n

  7. \n

    After reviewing all the details, the Regulator concluded that the charges were substantiated<\/span>, and it was decided to impose a monetary penalty<\/span>.<\/p>\n<\/li>\n

  8. \n

    The penalty action was taken under the provisions of Section 30(1)<\/a> read with Section 26(6)<\/a> of the Payment and Settlement Systems Act, 2007<\/span><\/a>.<\/p>\n<\/li>\n

  9. \n

    RBI emphasized that the penalty is based solely on deficiencies in regulatory compliance<\/span> and does not impact the validity of any transactions or agreements<\/span> between PhonePe and its customers.<\/p>\n<\/li>\n

  10. \n

    RBI also stated that this action does not prevent it from taking further steps in the future.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n\n

    1.<\/a> Master Directions – Reserve Bank of India<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    RBI has imposed a ₹21 lakh penalty on PhonePe for failing to comply with PPI guidelines, citing escrow account shortfalls and reporting lapses during its October 2023—December 2024 inspection.<\/p>\n","protected":false},"author":67525,"featured_media":360310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[89175,44235,44967,36830,2627,47643,89174,2611,89176],"class_list":["post-360295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-compliance-violation","tag-digital-payments","tag-escrow-account","tag-payment-and-settlement-systems-act","tag-Penalty","tag-phonepe","tag-ppi-guidelines","tag-RBI","tag-rbi-inspection"],"yoast_head":"\nPhonePe fined \u20b921 Lakh by RBI on PPI violation | SCC Times<\/title>\n<meta name=\"description\" content=\"PhonePe fined \u20b921 lakh by RBI after discovering escrow account deficiencies and reporting failures during its PPI compliance review from Oct 2023 to Dec 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach\" \/>\n<meta property=\"og:description\" content=\"PhonePe fined \u20b921 lakh by RBI after discovering escrow account deficiencies and reporting failures during its PPI compliance review from Oct 2023 to Dec 2024.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-16T06:00:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-16T06:12:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"886\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shubhi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shubhi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/\",\"url\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/\",\"name\":\"PhonePe fined \u20b921 Lakh by RBI on PPI violation | SCC Times\",\"isPartOf\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp\",\"datePublished\":\"2025-09-16T06:00:21+00:00\",\"dateModified\":\"2025-09-16T06:12:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/3e8a14a0016e76e01d69a7a3ca6164ac\"},\"description\":\"PhonePe fined \u20b921 lakh by RBI after discovering escrow account deficiencies and reporting failures during its PPI compliance review from Oct 2023 to Dec 2024.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#primaryimage\",\"url\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp\",\"contentUrl\":\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp\",\"width\":886,\"height\":590,\"caption\":\"PhonePe fined\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.scconline.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#website\",\"url\":\"https:\/\/www.scconline.com\/blog\/\",\"name\":\"SCC Times\",\"description\":\"Bringing you the Best Analytical Legal News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.scconline.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/3e8a14a0016e76e01d69a7a3ca6164ac\",\"name\":\"Shubhi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0da7aaea2ff41a69b9926284cf9e1f24b3f53e830b045ed1d3f853355e3e5157?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0da7aaea2ff41a69b9926284cf9e1f24b3f53e830b045ed1d3f853355e3e5157?s=96&d=mm&r=g\",\"caption\":\"Shubhi\"},\"url\":\"https:\/\/www.scconline.com\/blog\/post\/author\/shubhi\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"PhonePe fined \u20b921 Lakh by RBI on PPI violation | SCC Times","description":"PhonePe fined \u20b921 lakh by RBI after discovering escrow account deficiencies and reporting failures during its PPI compliance review from Oct 2023 to Dec 2024.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","og_locale":"en_US","og_type":"article","og_title":"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach","og_description":"PhonePe fined \u20b921 lakh by RBI after discovering escrow account deficiencies and reporting failures during its PPI compliance review from Oct 2023 to Dec 2024.","og_url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","og_site_name":"SCC Times","article_publisher":"https:\/\/www.facebook.com\/scc.online\/","article_published_time":"2025-09-16T06:00:21+00:00","article_modified_time":"2025-09-16T06:12:44+00:00","og_image":[{"width":886,"height":590,"url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.jpg","type":"image\/jpeg"}],"author":"Shubhi","twitter_card":"summary_large_image","twitter_title":"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach","twitter_misc":{"Written by":"Shubhi","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","name":"PhonePe fined \u20b921 Lakh by RBI on PPI violation | SCC Times","isPartOf":{"@id":"https:\/\/www.scconline.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#primaryimage"},"image":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#primaryimage"},"thumbnailUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp","datePublished":"2025-09-16T06:00:21+00:00","dateModified":"2025-09-16T06:12:44+00:00","author":{"@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/3e8a14a0016e76e01d69a7a3ca6164ac"},"description":"PhonePe fined \u20b921 lakh by RBI after discovering escrow account deficiencies and reporting failures during its PPI compliance review from Oct 2023 to Dec 2024.","breadcrumb":{"@id":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#primaryimage","url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp","contentUrl":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp","width":886,"height":590,"caption":"PhonePe fined"},{"@type":"BreadcrumbList","@id":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.scconline.com\/blog\/"},{"@type":"ListItem","position":2,"name":"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach"}]},{"@type":"WebSite","@id":"https:\/\/www.scconline.com\/blog\/#website","url":"https:\/\/www.scconline.com\/blog\/","name":"SCC Times","description":"Bringing you the Best Analytical Legal News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.scconline.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/3e8a14a0016e76e01d69a7a3ca6164ac","name":"Shubhi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.scconline.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0da7aaea2ff41a69b9926284cf9e1f24b3f53e830b045ed1d3f853355e3e5157?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0da7aaea2ff41a69b9926284cf9e1f24b3f53e830b045ed1d3f853355e3e5157?s=96&d=mm&r=g","caption":"Shubhi"},"url":"https:\/\/www.scconline.com\/blog\/post\/author\/shubhi\/"}]}},"jetpack_featured_media_url":"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":270113,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/14\/rbi-imposes-penalty-of-more-than-rs-1-crore-on-ola-financial-services-private-ltd-for-non-compliance-with-master-direction-on-prepaid-payment-instruments-2021-and-know-your-customer-2016\/","url_meta":{"origin":360295,"position":0},"title":"RBI imposes penalty of more than Rs. 1 crore on Ola Financial Services Private Ltd. for non-compliance with Master Direction on Prepaid Payment Instruments, 2021 and Know Your Customer, 2016","author":"Editor","date":"July 14, 2022","format":false,"excerpt":"On 12-07-2022, the Reserve Bank of India (\u2018RBI') imposed a penalty of Rs 1 crore and 67.80 lakh on Ola Financial Services Private Ltd (\u2018Ola') for not complying with certain provisions of Master Direction on Prepaid Payment Instruments (\u2018PPI') dated 27-08-2021 and Master Direction Know Your Customer (\u2018KYC') Direction dated\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":286161,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/04\/rbi-imposed-penalty-on-amazon-pay-india-private-limited-for-non-compliance-of-kyc-requirements-reserve-bank-of-india-legal-update-legal-research-legal-news\/","url_meta":{"origin":360295,"position":1},"title":"RBI imposes penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements","author":"Kriti","date":"March 4, 2023","format":false,"excerpt":"On 3-3-2-2023, the Reserve Bank of India (\u2018RBI\u2019) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of KYC requirements. The Amazon Pay has been penalized for non- compliance of the following Master Directions that were issued by RBI: Master Directions on Prepaid Payment\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"RBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-498.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":217452,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/30\/rbi-imposes-penalty-on-one-mobikwik-systems-private-limited-and-hip-bar-private-limited\/","url_meta":{"origin":360295,"position":2},"title":"RBI imposes penalty on — One Mobikwik Systems Private Limited and Hip Bar Private Limited","author":"Bhumika Indulia","date":"July 30, 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":253476,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/31\/rbi-has-releases-master-directions-on-prepaid-payment-instruments-2021\/","url_meta":{"origin":360295,"position":3},"title":"RBI releases Master Directions on Prepaid Payment Instruments, 2021","author":"Bhumika Indulia","date":"August 31, 2021","format":false,"excerpt":"On August 27, 2021, the Reserve Bank of India (RBI) has issued the Reserve Bank of India Master Directions on Prepaid Payment Instruments, 2021 (MD-PPIs, 2021). The provisions of MD-PPIs shall apply to all Prepaid Payment Instrument (PPI) Issuers and System Participants. The purpose of the directions includes the following:\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":323052,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/05\/28\/rbi-imposes-monetary-penalty-of-3-lakh-on-hero-fincorp-for-non-compliance-with-fair-practices-code\/","url_meta":{"origin":360295,"position":4},"title":"RBI imposes penalty of 3 Lakh on Hero FinCorp for non-compliance with Fair Practices Code","author":"Editor","date":"May 28, 2024","format":false,"excerpt":"RBI imposed penalty on Hero FinCorp for failing to comply with 2016 Directions related to Fair Practices Code.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Reserve Bank of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/05\/Reserve-Bank-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":221562,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/10\/30\/rbi-imposes-monetary-penalty-on-bandhan-bank-janata-sahakari-bank-ltd-and-jalgaon-peoples-co-operative-bank-ltd\/","url_meta":{"origin":360295,"position":5},"title":"RBI imposes monetary penalty on Bandhan Bank, Janata Sahakari Bank Ltd. and Jalgaon Peoples Co-operative Bank Ltd.","author":"Bhumika Indulia","date":"October 30, 2019","format":false,"excerpt":"Bandhan Bank Limited he Reserve Bank of India (RBI) has, by an order dated October 29, 2019, imposed a monetary penalty of Rs One crore on Bandhan Bank Limited (the bank) for non-compliance with the guidelines on promoter holding contained in \u2018Guidelines for Licensing of New Banks in Private Sector\u2019\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/360295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67525"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=360295"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/360295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/360310"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=360295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=360295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=360295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}