Recorded RBI impact
Fine: Rs 3.00 Cr
Monetary penalty · Fresh imposition
Published by RBI
27 Aug 2021
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3 crore on Transaction Analysts (India) Pvt. Ltd. for contravention/non-compliance with provisions of the RBI Master Direction on Issuance and Operation of PPIs in India and the Master Direction on KYC. The release also notes that monetary penalties were imposed on four White Label ATM operators for non-compliance with the White Label ATMs in India – Guidelines dated June 20, 2012.
Why RBI Acted
RBI imposed a monetary penalty of ₹3 crore on Transaction Analysts (India) Pvt. Ltd. for contravention/non-compliance with certain provisions of the Master Direction on Issuance and Operation of PPIs in India and the Master Direction on KYC. The release further states that monetary penalties were also imposed on four White Label ATM operators for contravention/non-compliance with provisions of the White Label ATMs in India – Guidelines dated June 20, 2012.
Operating Impact
Transaction Analysts (India) Pvt. Ltd. must absorb the monetary penalty and address the cited compliance gaps relating to PPI operations and KYC. The release also indicates separate penalties for four White Label ATM operators, though their names are not provided in the text.
Regulatory Basis
- Master Direction on Issuance and Operation of PPIs in India dated October 11, 2017
- Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016
- ‘ White Label ATMs in India – Guidelines’ dated June 20, 2012
Action Facts
- Primary Impact
- Fine: Rs 3.00 Cr
- Order Date
- 11 Oct 2017
- Entities Affected
- 5
- Entity Role
- Primary
- Entity Type
- Payment entity