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RBI penalises PPI Issuers: Mobikwik (₹15 lakh) & Hip Bar (₹10.85 lakh)

Jul 29, 2019: 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 Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines.


Sr. No.

Name of the PPI Issuer

Speaking Order dated

Amount of Penalty
(₹ lakh)

1.

One Mobikwik Systems Private Limited

17-05-2019

15.00

2.

Hip Bar Private Limited

24-05-2019

10.85



Ref: RBI

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