RBI fines Vakrangee Rs 1.76 cr for violating order on ATM deployment goals

Central bank had first issued show-cause; latest action follows company's response to the notice

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.76 crore on Vakrangee Ltd for not complying with directions issued by the central bank on ATM deployment targets. RBI issued a notice to the company asking for reasons why a penalty on it should not be imposed and after considering the company’s response on the issue concluded that the imposition of monetary penalty on the entity was warranted. “The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act),” RBI said.