Case Brief
What Happened
The Reserve Bank of India penalized Unimoni Financial Services Limited for violating paragraph 9.1(i) of the Master Direction on Issuance and Operation of Prepaid Payment Instruments. RBI said the entity was non-compliant with its directions on small-PPI requirements; after issuing a show-cause notice, considering the response, and providing a personal hearing, it concluded that the breach was substantiated and imposed a monetary penalty under Section 30 of the Payment and Settlement Systems Act, 2007.