Reserve Bank of India imposes monetary penalty on five Prepaid Payment Instrument (PPI) Issuers

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Published on May 03, 2019

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Reserve Bank of India imposes monetary penalty on five Prepaid Payment Instrument (PPI) Issuers

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 five PPI Issuers for non-compliance of regulatory guidelines.

Sr. No.	Name of the PPI Issuer	Speaking Order dated	Amount of Penalty (in ₹ lakh)
1.	My Mobile Payments Limited	22-10-2018	100
2.	Phonepe Private Limited	14-02-2019	100
3.	Y-Cash Software Solutions Private Limited	22-02-2019	5
4.	Vodafone m-pesa Limited	06-03-2019	305
5.	GI Technology Private Limited	26-03-2019	100