Recorded RBI impact
Fine: Rs 80,000
Monetary penalty · Fresh imposition
Published by RBI
23 Apr 2026
Case Brief
The Reserve Bank of India imposed a monetary penalty on Ebix Payment Services Private Limited by order dated April 17, 2026. The penalty was levied under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007 after a statutory inspection covering June 2024 to May 2025 and a subsequent show-cause process. RBI found that the company had not carried out risk categorisation of its customers, constituting non-compliance with RBI directions on Know Your Customer.
Why RBI Acted
RBI imposed a monetary penalty under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007 after a statutory inspection for the period June 2024 to May 2025 and subsequent show-cause proceedings. The sustained charge was that Ebix Payment Services Private Limited failed to carry out risk categorisation of its customers, amounting to non-compliance with RBI directions on KYC.
Operating Impact
Ebix Payment Services Private Limited must absorb the ₹80,000 penalty and address the compliance gap identified by RBI. The order does not invalidate customer transactions, but it signals continued supervisory scrutiny and potential for further action if similar deficiencies persist.
Regulatory Basis
- Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- Fine: Rs 80,000
- Order Date
- 17 Apr 2026
- Effective From
- 17 Apr 2026
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Payment entity