RBI Slaps Rs 26 Lakh Fine On Mobikwik

RBI Slaps Rs 26 Lakh Fine On Mobikwik, Hip Bar For Non-Compliance Of Regulatory Guidelines

Business

The Reserve Bank of India (RBI) has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers Mobikwik Systems and Hip Bar.

Gurugram-based payments startup MobiKwik Systems Private Limited has been slapped a fine of Rs 15 lakh on May 17, 2019, while Chennai-based Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh on May 24, 2019, according to an RBI release.

“In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines,” the release said.

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