RBI fines PNB, Sodexo, PhonePe for flouting regulatory norms

The Reserve Bank of India has imposed a penalty of over ₹5.78 crore on six entitiesincluding Punjab National Bank Ltd (PNB), PhonePe Pvt. Ltd and Sodexo SVC India Pvt. Ltd for non-compliance of regulatory guidelines.

The central bank has also fined Muthoot Vehicle and Asset Finance Ltd, QwikCilver Solutions Private Ltd and Delhi Metro Rail Corporation Ltd (DMRC). Except state-owned PNB, the other five entities are non-bank prepaid payment instrument issuers.

“In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines,” RBI said in a release late on Friday.

Sodexo has been slapped with the highest fine of ₹2 crore followed by PhonePe, which has been fined ₹1.39 crore. PNB and QwikCilver will have to pay ₹1 crore each. Muthoot Vehicle & Asset Finance has been fined ₹34.55 lakh, and DMRC ₹5 lakh.