PayMe India Financial Services Private Limited

Following review of the company’s operations and correspondence, RBI found that PayMe India Financial Services Private Limited had violated specific conditions of its Certificate of Registration issued under Section 45IA(5) of the RBI Act and provisions of the Master Direction for NBFC-NSI (non-deposit taking) companies read with the Scale Based Regulation Directions, 2023. The sustained charges were that it accepted public deposits in breach of its CoR conditions and failed to obtain prior written RBI approval for a shareholding change exceeding 26% of its paid-up equity capital. RBI imposed the penalty under Section 58G(1)(b) read with Section 58B(5)(a & aa) of the RBI Act.

The company must absorb the monetary penalty and remain exposed to any further RBI action, as the press release states the fine is without prejudice to other proceedings. There is no explicit operational ban or withdrawal of authorisation, but the violations may prompt additional regulatory scrutiny of the company’s funding and ownership changes.