Recorded RBI impact
Monetary penalty
Monetary penalty · Fresh imposition
Published by RBI
7 Nov 2019
Case Brief
The Reserve Bank of India has imposed a monetary penalty on Oxigen Services (India) Private Limited under Section 30 of the Payment and Settlement Systems Act, 2007. The company is identified as a Prepaid Payment Instrument (PPI) issuer. The excerpt states that the penalty was for non-compliance with regulatory guidelines, but it does not provide the amount or the specific violations.
Why RBI Acted
The Reserve Bank of India imposed a monetary penalty under Section 30 of the Payment and Settlement Systems Act, 2007 on Oxigen Services (India) Private Limited, a Prepaid Payment Instrument (PPI) issuer, for non-compliance with regulatory guidelines. The release excerpt does not specify the exact guideline breaches or the amount of penalty.
Operating Impact
Oxigen Services (India) Private Limited faces a monetary penalty and the compliance lapse has been formally recorded by RBI. The release does not indicate any operational restriction; the forward impact is the financial penalty and reputational/regulatory consequence.
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