RBI imposes fines on PPIs for violating Norms

  • On 4th May, 2019, RBI slapped monetary penalty on different pre-paid payment instrument (PPI) issuers for violating regulatory guidelines under Section 30 of the Payment and Settlement Systems Act, 2007.
  • RBI also imposed penalty on Yes Bank for violation of norms pertaining to issuance and operations of PPIs.

PPIs Charged for Violation

  • Vodafone m-pesa
  • PhonePe
  • G.I. Technology Private Ltd.
  • Y-Cash Software Solutions
  • Western Union Financial Services Inc., USA
  • MoneyGram Payment Systems Inc, USA

Pre-Paid Payment Instrument (PPI)

  • PPIs are instruments that facilitate purchase of goods and services, including financial services, remittance facilities etc. against the value stored on such instruments.
  • PPIs that can be issued ....

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