RBI imposes penalty of Rs 1 cr each on One Mobikwik, Spice Money

'It was observed that the entities had not complied with the directions issued by RBI on net-worth requirement for Bharat Bill Payment Operating Units,' says RBI

Reserve Bank of India on Thursday imposed penalty of Rs 1 crore each on two payment system operators, One Mobikwik and Spice Money, for non-compliance of norms.

"RBI has imposed monetary penalty on 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)," the central bank said in a statement.

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