The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines. The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine of 10.85 lakh rupees. It stated that these two prepaid payment instrument (PPI) issuers were levied a monetary penalty for non-compliance of regulatory guidelines.
Mobikwik and payment startup Hip Bar slapped Rs 26 lakh fine for violating norms
