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Business News/ Companies / News/  RBI slaps fine on Mobikwik and Spice Money for non-compliance of norms
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RBI slaps fine on Mobikwik and Spice Money for non-compliance of norms

Both Mobikwik and Spice Money have been fined ₹1 crore each.

RBI said the 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. (MINT_PRINT)Premium
RBI said the 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. (MINT_PRINT)

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 said in a statement.

Both Mobikwik and Spice Money have been fined 1 crore each.

RBI said the 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.

RBI observed that the entities had not complied with the directions issued on net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs) and notices were issued subsequently.

The RBI has reviewed their written responses and the oral submissions made during the personal hearing and concluded that the charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

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Published: 23 Dec 2021, 04:42 PM IST
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