Recorded RBI impact
Monetary penalty
Monetary penalty · Fresh imposition
Published by RBI
11 Jun 2019
Case Brief
The Reserve Bank of India imposed monetary penalties on ZipCash Card Services Pvt. Ltd. and Yes Bank Limited under Section 30 of the Payment and Settlement Systems Act, 2007. The release states that the action was for non-compliance with regulatory guidelines applicable to PPI issuers, but the excerpt provided does not include the separate penalty amounts or the detailed factual findings for each entity.
Why RBI Acted
The Reserve Bank of India, exercising powers under Section 30 of the Payment and Settlement Systems Act, 2007, imposed monetary penalties on Prepaid Payment Instrument (PPI) issuers for non-compliance with regulatory guidelines. The full release text provided does not include the individual amounts or the specific violations for each entity.
Operating Impact
Both entities face financial penalties and must ensure compliance with RBI regulatory guidelines for PPI issuers going forward. The action is adverse but appears limited to monetary sanction; the provided text does not indicate any operational restriction beyond the penalty.
Regulatory Basis
- Section 30 of the Payment and Settlement Systems Act, 2007
Action Facts
- Primary Impact
- Monetary penalty
- Entities Affected
- 2
- Entity Role
- Bulk Member
- Entity Type
- Payment entity
Related Entities
Entities similar to Yes Bank Limited