Reserve Bank of India imposes monetary penalty on One Mobikwik Systems Private Limited and Hip Bar Private Limited
Case Brief
The Reserve Bank of India, exercising powers under Section 30 of the Payment and Settlement Systems Act, 2007, imposed monetary penalties on two prepaid payment instrument (PPI) issuers: One Mobikwik Systems Private Limited and Hip Bar Private Limited. The release states that the penalties were for non-compliance with regulatory guidelines, but the excerpt provided does not specify the exact violations or the quantum of penalty for each entity.
Under Section 30 of the Payment and Settlement Systems Act, 2007, RBI imposed monetary penalties on prepaid payment instrument (PPI) issuers for non-compliance with regulatory guidelines. The excerpt names One Mobikwik Systems Private Limited and Hip Bar Private Limited as the penalised entities, but does not include the individual penalty amounts or the specific guideline breaches in the provided text.
Severity Assessment
This is a monetary penalty, but the provided excerpt does not specify any amount; conservatively, severity is set at the lowest monetary band.
The affected PPI issuers face monetary penalties and the compliance finding may increase regulatory scrutiny. No operational restriction is described in the provided text, but the entities remain expected to ensure adherence to RBI regulatory guidelines.
Published as One Mobikwik Systems Private Limited
Published as Hip Bar Private Limited
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