RBI penalises five PPI issuers

Last Updated: Sat, May 04, 2019 18:10 hrs
Reserve Bank of India (PTI image)

Mumbai: The Reserve Bank of India (RBI) on Friday imposed monetary penalty on five Prepaid Payment Instrument (PPI) issuers, including Vodafone m-pesa, for non-compliance of regulatory guidelines.

Accordingly, the RBI has fined Vodafone m-pesa Rs 3.05 crore, while a penalty of Rs 1 crore has been imposed on PhonePe.

Similarly, My Mobile Payments and GI Technology were fined Rs 1 crore each, whereas Y-Cash Software Solutions was penalised with a Rs 5 lakh penalty.