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  Business   Companies  30 Jul 2019  RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

PTI
Published : Jul 30, 2019, 9:05 am IST
Updated : Jul 30, 2019, 9:05 am IST

These two prepaid payment instrument issuers have been levied monetary penalty for non-compliance of regulatory guidelines.

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh.
 One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh.

Mumbai: The Reserve Bank has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers One Mobikwik Systems and Hip Bar.

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.

Tags: rbi, mobikwik, penalty, hip bar
Location: India, Maharashtra, Mumbai (Bombay)