Reserve Financial institution of India (RBI) on Thursday stated it has imposed a penalty of Rs 1 crore every on fee system operators One Mobikwik Techniques Personal Restricted and Spice Cash Restricted for deficiencies in regulatory compliance.
The central financial institution stated it seen that the 2 corporations had not complied with the instructions issued by it on web value requirement for Bharat Invoice Cost Working Items (BBPOUs).
As these had been offences of the character referred to in a Part of the Cost and Settlement Techniques Act, 2007, notices had been issued to the entities.
“After reviewing their written responses and the oral submissions made in the course of the private listening to, the RBI concluded that the aforesaid costs of non-compliance with the RBI instructions had been substantiated and warranted imposition of financial penalty,” it stated.
The RBI, nevertheless, added that the penalties are primarily based on deficiencies in regulatory compliance and should not supposed to pronounce upon the validity of any transaction or settlement entered into by the entities with their prospects.