The Reserve Bank of India has imposed a fine of Rs 5.78 crore on 6 companies including PNB, Sodexo and PhonePe for violation of regulatory guidelines. Under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed a penalty on these units for not complying with the regulatory guidelines. Except Punjab National Bank, the remaining five are non-bank prepaid payment product issuing units.
PPI is used for the purchase of goods and services, as well as for the payment of money to friends, relatives, etc. RBI has fined Sodexo SVC India Private Limited, Muthoot Vehicle and Asset Finance Limited, Quick Silvers Solutions Private Limited, PhonePay Private Limited, Delhi Metro Rail Corporation Limited and Punjab National Bank.
Sodexo has been fined Rs 2 crore, while PNB and Quick Silver Solutions were fined Rs 1 crore each. At the same time, a penalty of Rs 1.39 crore has been imposed on PhonePe and Rs 34.55 lakh on Muthoot Vehicle and Asset Finance and Rs 5 lakh on Delhi Metro Rail Corporation.
