Reserve Bank of India imposes Monetary Penalty on five Payment System Operators
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3 crore on Transaction Analysts (India) Pvt. Ltd. for contravention/non-compliance with provisions of the RBI Master Direction on Issuance and Operation of PPIs in India and the Master Direction on KYC. The release also notes that monetary penalties were imposed on four White Label ATM operators for non-compliance with the White Label ATMs in India – Guidelines dated June 20, 2012.
RBI imposed a monetary penalty of ₹3 crore on Transaction Analysts (India) Pvt. Ltd. for contravention/non-compliance with certain provisions of the Master Direction on Issuance and Operation of PPIs in India and the Master Direction on KYC. The release further states that monetary penalties were also imposed on four White Label ATM operators for contravention/non-compliance with provisions of the White Label ATMs in India – Guidelines dated June 20, 2012.
Severity Assessment
A monetary penalty of ₹3 crore falls in the highest monetary band (severity 4).
Transaction Analysts (India) Pvt. Ltd. must absorb the monetary penalty and address the cited compliance gaps relating to PPI operations and KYC. The release also indicates separate penalties for four White Label ATM operators, though their names are not provided in the text.
Published as Transaction Analysts (India) Pvt. Ltd.
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