RBI imposes Monetary Penalty on One Mobikwik & Spice Money

RBI imposes Monetary Penalty on One Mobikwik & Spice Money The Reserve Bank of India (RBI) announced on December 23 that two payment system operators, One Mobikwik Systems Private Limited and Spice Money Limited, had been fined for violating standards. According to the order issued by the central bank, both payment companies have been fined Rs.1 crore. The RBI stated in a statement that the two payment system operators were fined for "committing breaches of the sort described in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act)." The penalties were enforced as a result of the Reserve Bank's authority under Section 30 of the PSS Act, according to the statement. "These actions are based on regulatory compliance inadequacies and are not intended to rule on the legitimacy of any transaction or agreement entered into by the firms with their clients," according to the statement. The RBI stated that One Mobikwik and Spice Money were penalised because they did not follow the central bank's instructions on "net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs)". One Mobikwik and Spice Money responded to the Reserve Bank after being presented with notices for the alleged offence. "RBI considered that the aforesaid accusations of non-compliance with RBI orders were proved and merited imposition of monetary penalty after studying their written responses and oral comments made during the personal hearing," the central bank said. To Read Press Release Download PDF Given Below :