RBI Imposed monetary penalty
RBI

RBI imposed Monetary penalty of ₹ 100 lakh each on One Mobikwik & Spice Money Limited

The Reserve Bank of India (RBI) has imposed monetary penalty (₹100 lakh each) on two Payment System Operators (PSOs): 1. One Mobikwik Systems Private Limited, 2. Spice Money Limited.

Reason for Penalty Imposed by RBI

The penalties have been imposed in the exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act.

Press Release Issued by RBI

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Date : Dec 23, 2021

Reserve Bank of India imposes Monetary Penalty on two Payment System Operators

The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act).

Sr. No.Name of the PSOSpeaking Order datedAmount of Penalty
(₹ lakh)
1One Mobikwik Systems Private LimitedDecember 07, 2021100.00
2Spice Money LimitedDecember 07, 2021100.00

The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act. These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Background

It was observed that the above entities had not complied with the directions issued by RBI on net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs). As these were offences of the nature referred to in Section 26 (6) of the PSS Act, notices were issued to the entities. After reviewing their written responses and the oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)
Chief General Manager

Press Release: 2021-2022/1407

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