RBI has imposed penalties on five prepaid payment instrument (PPI) issuers for violation of regulatory norms. A penalty of Rs 3.05 crore has been imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology under Section 30 of the Payment and Settlement Systems Act, 2007. Y-Cash Software Solutions was also asked to pay up Rs 5 lakh as penalty.
Besides, RBI has slapped penalties on Western Union Financial Services, USA, MoneyGram Payment Systems, USA for non-compliance. (Source)
