Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on Spice Money Limited for contravention of certain provisions of the Master Direction on Issuance and Operation of PPIs in India. RBI said the entity was non-compliant with directions on maintenance of escrow account balance. After a show-cause process and consideration of the entity’s written and oral submissions, RBI concluded the violations were substantiated and imposed the penalty under Section 30 of the Payment and Settlement Systems Act, 2007.