Case Brief
What Happened
By an order dated May 11, 2026, RBI imposed a monetary penalty of Rs 5.80 lakh on Appnit Technologies Private Limited. The penalty was levied under the Payment and Settlement Systems Act, 2007 after a statutory inspection found non-compliance with RBI directions on KYC and PPI. RBI said the company allowed PPI accounts opened using Aadhaar OTP-based e-KYC to continue for more than one year without performing identification as required, and also failed to implement a system for periodic review of risk categorisation of accounts.