The Reserve Bank of India (RBI) has imposed a complete fine of Rs 5.78 crore on six entities, PNB, Sodexo SVC India Pvt Ltd, Muthoot Vehicle & Asset Finance Ltd, QwikCilver Solutions Pvt Ltd, Phonepe Pvt Ltd and Delhi Metro Rail Corporation Ltd for violating regulatory pointers.
In the light of powers vested underneath Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed a financial penalty on these entities for non-compliance of regulatory pointers, it stated in a launch
Except for Punjab National Bank (PNB), the remaining 5 entities are non-bank pay as you go fee instrument (PPI) issuers.
Sodexo has been slapped with the highest fine of Rs 2 crore; PNB and QwikCilver Solutions Rs 1 crore every; PhonePe Rs 1.39 crore; Muthoot Vehicle & Asset Finance Rs 34.55 lakh; and Delhi Metro Rail Corporation Rs 5 lakh.
