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RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

The Reserve Bank Has Imposed A Total Penalty Of Around Rs 26 Lakh On Two Online Payment Solutions Providers One Mobikwik Systems And Hip Bar.

PTI | Updated on: 29 Jul 2019, 08:55:16 PM
RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

Mumbai:

The Reserve Bank has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers One Mobikwik Systems and Hip Bar.

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.

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First Published : 29 Jul 2019, 08:55:16 PM