The Reserve Bank of India (RBI) imposed monetary penalties on PhonePe and five other payments entities, totaling around ₹5.78 crore. While the central bank fined 5 pre-paid instrument (PPI) players, the Punjab National Bank was fined ₹1 crore for non-compliance with regulatory guidelines with regards to the banks’ ATM network operations.
The penalised PPI entities are:
> Sodexo VC India Private Limited: ₹2 crore
> PhonePe Pvt Ltd: ₹1.39 crore
> QwikCilver Solutions Private Ltd: ₹1 crore
> Muthoot Vehicle & Asset Finance Ltd: ₹34.55 lakh
> Delhi Metro Rail Corporation Limited: ₹5 lakh
“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.” said the RBI in a statement,