Case Brief
What Happened
The Reserve Bank of India imposed monetary penalties on Tata Communications Payment Solutions Limited and Appnit Technologies Private Limited, both authorised Payment System Operators, under Section 30 of the PSS Act, 2007. RBI said the penalties were for offences referred to in Section 26(6) and were based on deficiencies in regulatory compliance. TCPSL was found non-compliant with RBI directions on White Label ATM deployment targets and net-worth requirement, while ATPL was found non-compliant with directions on maintenance of escrow account balance and net-worth requirement. After reviewing written responses and oral submissions, RBI concluded the charges were substantiated and imposed penalties of Rs 200 lakh and Rs 54.93 lakh respectively.