Thursday, Apr 25, 2024 | Last Update : 02:56 AM IST
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.
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.
