RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

Mumbai, PTI | Updated : 29 July 2019, 08:55 PM
RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms
RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

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

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.

First Published: Monday, July 29, 2019 08:55 PM
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