One Mobikwik Systems Private Limited

RBI imposed monetary penalties on One Mobikwik Systems Private Limited and Spice Money Limited. The penalties were for non-compliance with RBI directions on BBPOU net-worth requirements.

The two PSOs must absorb the monetary penalty and remain subject to RBI compliance expectations under the PSS Act. The order does not say that their licences or operations were suspended, but it signals continued regulatory scrutiny over BBPOU net-worth compliance.

• Section 26 (6) of the Payment and Settlement Systems Act, 2007
• Section 30 of the PSS Act

This RBI action affected 2 entities. This profile is linked as primary.

RBI has imposed monetary penalties on One Mobikwik Systems Private Limited and Hip Bar Private Limited. The action was taken for non-compliance with regulatory guidelines applicable to PPI issuers.

The affected PPI issuers face monetary penalties and the compliance finding may increase regulatory scrutiny. No operational restriction is described in the provided text, but the entities remain expected to ensure adherence to RBI regulatory guidelines.

• Section 30 of the Payment and Settlement Systems Act, 2007

This RBI action affected 2 entities. This profile is linked as primary.