Spice Money 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 bulk member.

RBI has imposed a monetary penalty of Rs 2.44 lakh on Spice Money Limited. The penalty was for non-compliance with RBI directions related to escrow account balance under the PPI Master Direction.

Spice Money Limited must absorb the monetary penalty and continue complying with RBI’s PPI operating directions, including escrow account balance requirements. The action does not state any suspension or operational ban, but it signals heightened compliance expectations for the entity.

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