Recorded RBI impact
Monetary penalty
Monetary penalty · Fresh imposition
Published by RBI
10 Oct 2019
Case Brief
The Reserve Bank of India has imposed a monetary penalty on Balancehero India Private Limited, identified as a Prepaid Payment Instrument (PPI) issuer, under Section 30 of the Payment and Settlement Systems Act, 2007. The release says the action was for non-compliance of regulatory guidelines, but it does not specify the exact violation details or the penalty amount.
Why RBI Acted
The Reserve Bank of India imposed a monetary penalty under Section 30 of the Payment and Settlement Systems Act, 2007 on Balancehero India Private Limited, described as a Prepaid Payment Instrument (PPI) issuer, for non-compliance with regulatory guidelines. The release does not provide further factual detail on the specific breach or the amount of penalty.
Operating Impact
Balancehero India Private Limited faces a regulatory monetary penalty. The release does not indicate any operational restriction or ongoing limitation beyond the fine, and no further details are given on compliance steps or deadlines.
Regulatory Basis
- Section 30 of the Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- Monetary penalty
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Payment entity