RBI imposes monetary penalty on 6 entities for violation of norms
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In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines.
| Sr. No. | Name of the Entity | Speaking Order dated | Amount of Penalty (₹ lakh) |
| Non-bank Prepaid Payment Instrument Issuers | |||
| 1. | Sodexo SVC India Private Limited | 03-08-2020 | 200.00 |
| 2. | Muthoot Vehicle & Asset Finance Ltd. | 12-08-2020 | 34.55 |
| 3. | QwikCilver Solutions Private Limited | 15-10-2020 | 100.00 |
| 4. | Phonepe Private Limited | 04-11-2020 | 139.00 |
| 5. | Delhi Metro Rail Corporation Limited | 13-11-2020 | 5.00 |
| ATM Network Operator | |||
| 6. | Punjab National Bank | 13-11-2020 | 100.00 |
(Yogesh Dayal)
Chief General Manager
Press Release: 2020-2021/672
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