Money & Banking

RBI imposes monetary penalty on six entities

Our Bureau. Mumbai | Updated on November 20, 2020

The Reserve Bank of India has imposed monetary penalty on six entities, including Sodexo SVC India, Muthoot Vehicle and Asset Finance, QwikCilver Solutions, Phonepe, Delhi Metro Rail Corporation, and Punjab National Bank.

In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act 2007, the RBI has imposed monetary penalty on the entities for non-compliance of regulatory guidelines, it said in a statement on Friday.

It imposed a monetary penalty of ₹2 crore on Sodexo SVC, ₹1.39 crore on PhonePe, ₹1 crore on QwikCilver Solutions, ₹34.55 lakh on Muthoot Vehicle and Asset Finance and ₹5 lakh on DMRC. All of these are under the category of non-bank prepaid payment instrument issuers.

It also imposed a penalty of ₹1 crore on Punjab National Bank as an ATM network operator.

Published on November 20, 2020

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