Money & Banking

YES Bank fined ₹11.25 lakh by RBI

Our Bureau Mumbai | Updated on May 03, 2019 Published on May 03, 2019

YES Bank, on Friday, said it has been fined ₹11.25 lakh by the Reserve Bank of India for violations on domestic money transfers related to a previously co-branded card issued by it.

“The RBI has identified certain violations ...on issuance and operation of Prepaid Payment Instruments (PPIs), in connection with certain product features of an open loop prepaid card (co-branded) previously issued by the bank,”it said in a regulatory filing, adding that it had launched the product as a pilot programme from September 13, 2017, and later discontinued it from March 14, 2018.

Published on May 03, 2019
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