Yes Bank, ZipCash face RBI fine for violating PPI norms

  • 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.

A penalty of 11.25 lakh each has been imposed on the two PPI issuers, according to an RBI release.

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.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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