RBI Levies Rs 1 Crore Penalty Each On One Mobikwik Systems, Spice Money

RBI has imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik Systems Private Limited and Spice Money Limited

Reserve Bank of India (RBI) on Thursday said it has imposed a penalty of Rs 1 crore each on payment system operators One Mobikwik Systems Private Limited and Spice Money Limited for deficiencies in regulatory compliance.

The central bank said it noticed that the two companies had not complied with the directions issued by it on net worth requirement for Bharat Bill Payment Operating Units (BBPOUs).

As these were offences of the nature referred to in a Section of the Payment and Settlement Systems Act, 2007, notices were issued to the entities.