RBI has issued penalties for two entities for not complying with regulations
The Reserve Bank of India (RBI) has fined Tata Media Payment Solutions and Appnit Technology for failing to comply with certain regulations.
In a statement, the central bank said that a penalty of Rs 2 crore for Tata Media Payment Solutions and Rs 54.93 for Appnit has been imposed.
Tata Communications Payment Solutions is a wholly owned subsidiary of Tata Communications Limited.
The RBI said it took action against the two organizations due to perceived deficiencies in their regulatory compliance and was not intended to make a statement as to the validity of any transaction or agreement that they signed with their customers.
The statement said Tata’s Media Payment Solutions did not comply with the guidelines issued by the RBI regarding the White Label ATM implementation goals and net worth requirements.
“After reviewing their written responses and oral submissions made during the individual hearing, the RBI concludes that the aforementioned allegations of failure to comply with the RBI’s instructions have been substantiated.” and ensure the application of fines,” the RBI said.
