RBI has issued penalties to two entities due to lack of regulatory compliance
Mumbai:
The Reserve Bank of India (RBI) on Thursday said it had imposed a penalty of Rs 1 each on payment system operators One Mobikwik Systems Private Limited and Spice Money Limited for failing to comply. regulations.
The central bank said it found that the two companies had failed to comply with the guidelines set forth by the bank regarding the net worth requirement for the Bharat Bill Payment Operating Unit (BBPOU).
As these are violations of the nature covered by a Section of the Payments and Settlement Systems Act, 2007 notices were sent to the institutions.
“After reviewing their written responses and oral submissions made during the individual hearing, the RBI has concluded that the aforementioned allegations of non-compliance with the RBI guidelines have been proven and guaranteed to impose fines,” it said.
However, RBI added that the penalties are based on deficiencies in regulatory compliance and are not intended to be a representation of the validity of any transactions or agreements that institutions enter into with their clients. surname.
