Phonepe Private Limited

RBI imposed a ₹21 lakh penalty on PhonePe Limited for non-compliance with directions on prepaid payment instruments. The breach involved an escrow account shortfall and delayed reporting to RBI.

PhonePe must absorb the monetary penalty and remain subject to RBI supervisory oversight. The release does not impose any additional operational restriction, but the company remains exposed to further action if compliance deficiencies persist; customers and merchants are indirectly affected by the escrow and settlement compliance lapses described in the order.

• Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007

RBI imposed monetary penalties on five PPI issuers for non-compliance with regulatory guidelines. The penalties were issued under Section 30 of the Payment and Settlement Systems Act, 2007.

Each of the five PPI issuers must absorb the financial penalty and address the compliance deficiencies that led to RBI action. The penalty does not itself state an operational restriction, but it signals regulatory non-compliance and may affect supervisory scrutiny going forward.

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

This RBI action affected 5 entities. This profile is linked as bulk member.