RBI penalises five PPI issuers

The Reserve Bank of India (RBI) on Friday imposed monetary penalty on five Prepaid Payment Instrument (PPI) issuers, including Vodafone m-pesa, for non-compliance of regulatory guidelines.

Accordingly, the RBI has fined Vodafone m-pesa Rs 3.05 crore, while a penalty of Rs 1 crore has been imposed on PhonePe.

Similarly, My Mobile Payments and GI Technology were fined Rs 1 crore each, whereas Y-Cash Software Solutions was penalised with a Rs 5 lakh penalty.

--IANS

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