A- A A+
Last Updated : Sep 28 2020 5:51PM     Screen Reader Access
News Highlights
PM Modi & and his Danish counterpart Mette Frederiksen hold Virtual Bilateral Summit            Health Minister Dr Harsh Vardhan launches ICMR's vaccine web portal & National Clinical Registry for Covid-19            India's total COVID-19 recovery crosses 50 lakh mark            Impossible to defer civil services exams any further: UPSC submits before SC            Nation pays homage to revolutionary freedom fighter Bhagat Singh on his 113th birth anniversary           

Business News

May 04, 2019
7:11AM

RBI imposes fines on PPIs for violating norms

RBI
The Reserve Bank of India on Friday said that it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms. 

Also, penalties have been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of guidelines. 

The central bank said in a statement that a penalty of Rs 3.05 crore was imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology. 

Also, a penalty of Rs 5 lakh has been imposed on Y-Cash Software Solutions. 

In another statement, the RBI said it has imposed penalty of Rs 29,66,959 and Rs 10,11,653 on Western Union Financial Services Inc, USA, and MoneyGram Payment Systems Inc, USA, respectively, for non-compliance of regulatory guidelines. 

Penalty on Western Union and MoneyGram has been imposed by the RBI under the provisions of the Payment and Settlement Systems Act, 2007, for compounding of the contravention.

   Related News

Live Twitter Feed

Listen News

Morning News 28 (Sep) Midday News 28 (Sep) Evening News 27 (Sep) Hourly 28 (Sep) (1710hrs)
समाचार प्रभात 28 (Sep) दोपहर समाचार 28 (Sep) समाचार संध्या 27 (Sep) प्रति घंटा समाचार 28 (Sep) (1700hrs)
Khabarnama (Mor) 28 (Sep) Khabrein(Day) 28 (Sep) Khabrein(Eve) 27 (Sep)
Aaj Savere 28 (Sep) Parikrama 28 (Sep)

Listen Programs

Market Mantra 27 (Sep) Samayki 9 (Aug) Sports Scan 27 (Sep) Spotlight/News Analysis 27 (Sep) Employment News 28 (Sep) World News 27 (Sep) Samachar Darshan 22 (Mar) Radio Newsreel 21 (Mar)
    Public Speak

    Country wide 12 (Mar) Surkhiyon Mein 27 (Sep) Charcha Ka Vishai Ha 11 (Mar) Vaad-Samvaad 17 (Mar) Money Talk 17 (Mar) Current Affairs 6 (Mar) Sanskrit Saptahiki 26 (Sep) North East Diary 26 (Sep)