Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 5,93,000 on Obopay Mobile Technology India Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments and the Master Direction – Know Your Customer (KYC) Direction. RBI said the action was taken under Section 30 of the Payment and Settlement Systems Act, 2007 after it observed deficiencies in regulatory compliance, issued a show-cause notice, and concluded that the charge of non-compliance was substantiated.