Last Updated : Jun 18 2019 11:15PM     Screen Reader Access
News Highlights
Centre to set up permanent multi-disciplinary expert group to deal with outbreak, control of Encephalitis            Special court at Prayagraj awards life term to four accused in 2005 Ayodhya terror attack case            Govt orders compulsory retirement of 15 senior officers of CBIC from their services            Pre-monsoon showers in several parts of country bring respite from heat            ICC World Cup: England set target of 398 runs for Afghanistan           

Business News

May 04, 2019
7:11AM

RBI imposes fines on PPIs for violating norms

RBI
The Reserve Bank of India on Friday said that it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms. 

Also, penalties have been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of guidelines. 

The central bank said in a statement that a penalty of Rs 3.05 crore was imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology. 

Also, a penalty of Rs 5 lakh has been imposed on Y-Cash Software Solutions. 

In another statement, the RBI said it has imposed penalty of Rs 29,66,959 and Rs 10,11,653 on Western Union Financial Services Inc, USA, and MoneyGram Payment Systems Inc, USA, respectively, for non-compliance of regulatory guidelines. 

Penalty on Western Union and MoneyGram has been imposed by the RBI under the provisions of the Payment and Settlement Systems Act, 2007, for compounding of the contravention.

   Related News

Live Twitter Feed

Listen News

Morning News 18 (Jun) Midday News 18 (Jun) News at Nine 18 (Jun) Hourly 18 (Jun) (2300hrs)
समाचार प्रभात 18 (Jun) दोपहर समाचार 18 (Jun) समाचार संध्या 18 (Jun) प्रति घंटा समाचार 18 (Jun) (2305hrs)
Khabarnama (Mor) 18 (Jun) Khabrein(Day) 18 (Jun) Khabrein(Eve) 18 (Jun)
Aaj Savere 18 (Jun) Parikrama 18 (Jun) Lok Ruchi Samachar 16 (Jun)

Listen Programs

Market Mantra 18 (Jun) Samayki 18 (Jun) Sports Scan 18 (Jun) Spotlight/News Analysis 18 (Jun) Samachar Darshan 16 (Jun) Radio Newsreel 18 (Jun)
    Public Speak

    Country wide 13 (Jun) Surkhiyon Mein 13 (Jun) Charcha Ka Vishai Ha 5 (Jun) Vaad-Samvaad 18 (Jun) Money Talk 18 (Jun) Current Affairs 14 (Jun)