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RBI levies over Rs 5.8 cr fine on 6 entities including PNB, Sodexo, PhonePe

Except Punjab National Bank (PNB), the remaining five entities are non-bank prepaid payment instrument (PPI) issuers

Topics
RBI | Punjab National Bank | sodexo

Press Trust of India  |  Mumbai 

RBI

The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, and PhonePe, for violating regulatory guidelines.

In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the has imposed monetary penalty on these entities for non-compliance of regulatory guidelines, it said in a release.

Except (PNB), the remaining five entities are non-bank prepaid payment instrument (PPI) issuers.

imposes the penalty on SVC India Pvt Ltd, Muthoot Vehicle & Asset Finance Ltd, QwikCilver Solutions Pvt Ltd, Pvt Ltd, Delhi Metro Rail Corporation Ltd, and Punjab National Bank, said the release.

is slapped with the highest fine of Rs 2 crore; PNB and QwikCilver Solutions Rs 1 crore each; Rs 1.39 crore; Muthoot Vehicle & Asset Finance Rs 34.55 lakh; and Delhi Metro Rail Corporation Rs 5 lakh.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, November 20 2020. 22:52 IST
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