Reserve Bank of India imposes monetary penalty on ZipCash Card Services Pvt. Ltd. and Yes Bank Limited
Case Brief
The Reserve Bank of India imposed monetary penalties on ZipCash Card Services Pvt. Ltd. and Yes Bank Limited under Section 30 of the Payment and Settlement Systems Act, 2007. The release states that the action was for non-compliance with regulatory guidelines applicable to PPI issuers, but the excerpt provided does not include the separate penalty amounts or the detailed factual findings for each entity.
The Reserve Bank of India, exercising powers under Section 30 of the Payment and Settlement Systems Act, 2007, imposed monetary penalties on Prepaid Payment Instrument (PPI) issuers for non-compliance with regulatory guidelines. The full release text provided does not include the individual amounts or the specific violations for each entity.
Severity Assessment
This is a monetary penalty, but the provided text does not state any amount; absent a specified amount, the minimum monetary severity applies.
Both entities face financial penalties and must ensure compliance with RBI regulatory guidelines for PPI issuers going forward. The action is adverse but appears limited to monetary sanction; the provided text does not indicate any operational restriction beyond the penalty.
Published as ZipCash Card Services Pvt. Ltd.
Published as Yes Bank Limited
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.
© 2026 RegOversight by OddVector