RBI Imposes Rs 1 Cr Penalty on One Mobikwik Systems, Spice Money

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Mumbai: The Reserve Bank of India (RBI) on Thursday imposed a penalty of Rs 1 crore each on payment system operators– One Mobikwik Systems Private Limited and Spice Money Limited –for deficiencies in regulatory compliance.

The central bank noticed that the two companies had not complied with the directions issued by it on net worth requirement for Bharat Bill Payment Operating Units (BBPOUs).

As these were offences of the nature referred to in a Section of the Payment and Settlement Systems Act, 2007, notices were issued to the entities.

The RBI, however, added that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

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