A- A A+
Last Updated : Jan 26 2020 11:11PM     Screen Reader Access
News Highlights
Violence cannot be a solution to any issue, says PM Modi            Agreement with Bru-Reang community in North East symbolises spirit of cooperative federalism: PM            Nation celebrates 71st Republic Day with patriotic fervour            'Bharat Parv 2020' begins at Red Fort to celebrate spirit of India            India defeat New Zealand by 7 wickets in 2nd T20 International at Auckland           

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 26 (Jan) Midday News 26 (Jan) News at Nine 26 (Jan) Hourly 26 (Jan) (2300hrs)
समाचार प्रभात 26 (Jan) दोपहर समाचार 26 (Jan) समाचार संध्या 26 (Jan) प्रति घंटा समाचार 26 (Jan) (2305hrs)
Khabarnama (Mor) 26 (Jan) Khabrein(Day) 26 (Jan) Khabrein(Eve) 26 (Jan)
Aaj Savere 26 (Jan) Parikrama 26 (Jan)

Listen Programs

Market Mantra 25 (Jan) Samayki 26 (Jan) Sports Scan 25 (Jan) Spotlight/News Analysis 26 (Jan) Samachar Darshan 26 (Jan) Radio Newsreel 25 (Jan)
    Public Speak

    Country wide 23 (Jan) Surkhiyon Mein 23 (Jan) Charcha Ka Vishai Ha 22 (Jan) Vaad-Samvaad 14 (Jan) Money Talk 14 (Jan) Current Affairs 24 (Jan)
  • Money Matters 26 (Jan)
  • International News 24 (Jan)
  • Press Review 26 (Jan)
  • From the States 24 (Jan)
  • Let's Connect 26 (Jan)
  • 360°- Ek Parivesh 26 (Jan)
  • Know Your Constitution 24 (Jan)
  • Ek Bharat Shreshta Bharat 25 (Jan)
  • Sanskriti Darshan 26 (Jan)
  • Fit India New India 25 (Jan)