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Vodafone m-pesa, PhonePe, Penalized by RBI for Non-Compliance with Norms
May 06, 2019
This Friday, two remittance service providers and five Prepaid Payment Instrument (PPI) issuers were fined by the Reserve Bank of India (RBI) for non-compliance of regulatory norms. A one crore INR fine was imposed each on GI Technology, Phonepe, and My Mobile Payments. However, a penalty of INR 3.05 crores was imposed on Vodafone m-pesa, and another of 5 lakh INR was imposed on Y-Cash Software Solutions.
Remittance service providers MoneyGram Payment Systems and Western Union Financial Services were also fined INR 10.12 lakhs and INR 29.67 lakhs, respectively.
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