The Reserve Bank of India has imposed a penalty of Rs 1 crore each on One Mobikwik Systems and Spice Money for violation of norms on net worth requirements provided by the regulator for Bharat Bill Payment Operating Units.
The penalty has been imposed on One Mobikwik and Spice Money for committing offenses of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007 (PSS Act). The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act.
"After reviewing their written responses and the oral submissions made during the personal hearing, the RBI concluded that the aforesaid charges of non-compliance with the RBI directions were substantiated and warranted imposition of monetary penalty," the RBI said.
It further added that these actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.
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