One Mobikwik And Spice Money Have Each Been Fined Rs 1 Crore By The Rbi
‘It was discovered that the firms had not followed RBI’s instructions on the net-worth criterion for Bharat Bill Payment Operating Units,’ according to RBI. Two payment system operators, One Mobikwik and Spice Money, were fined Rs 1 crore apiece by the Reserve Bank of India on Thursday for violating standards. “The Reserve Bank of India (RBI) has imposed monetary penalties on two Payment System Operators (PSOs) for violating Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act),” the central bank said in a statement....