Yes Bank, ZipCash face RBI fine for violating PPI norms1 min read . Updated: 12 Jun 2019, 09:40 AM IST
- A penalty of ₹11.25 lakh each has been imposed on Yes Bank, ZipCash
- The penalty was imposed by RBI for non-compliance of regulatory guidelines
The Reserve Bank of India said Tuesday that it has imposed a penalty on two prepaid payment instrument (PPI) issuers Yes Bank and ZipCash Card Services for non-compliance with regulatory norms.
The penalty was imposed on the two entities through speaking orders dated April 22, 2019, according to the release.
The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned.
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