RBI fines One Mobikwik, Spice Money
The Hindu
The Central Bank said it observed that the two entities had not complied with the directions issued by the Reserve Bank on net-worth requirement for Bharat Bill Payment Operating Units
The Reserve Bank of India (RBI) on Thursday said it had imposed a penalty of ₹1 crore each on payment system operators One Mobikwik Systems Private Ltd. and Spice Money Ltd. for deficiencies in regulatory compliance.
Giving details, the central bank said it observed that the two entities had not complied with the directions issued by the Reserve Bank on net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs).
As these were offences of the nature referred to in a Section of the Payment and Settlement Systems Act, 2007, notices were issued to the entities.
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