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The RBI has imposed penalty aggregating ₹6.10 crore on five Prepaid Payment Instrument (PPI) issuers – My Mobile Payments, PhonePe, Y-Cash Software Solutions, Vodafone m-pesa, and GI Technology – for non-compliance with regulatory guidelines.
Among the five PPI issuers, the highest penalty has been imposed on Vodafone m-pesa (₹3.05 crore). In the case of My Mobile Payments, Phonepe and GI Technology, the RBI slapped a penalty of ₹1 crore each. It has imposed a penalty of ₹5 lakh on Y-Cash Software Solutions.
The RBI also imposed a penalty of ₹29,66,959 and ₹10,11,653 on Western Union Financial Services Inc, USA, and MoneyGram Payment Systems Inc, USA, for non-compliance of regulatory guidelines. “These penalties have been imposed in exercise of the powers vested in RBI under the provisions of Section 31 of the Payment and Settlement Systems Act 2007 for compounding of the contraventions,” the RBI said.
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