InvestorQ : Why has RBI imposed a heavy penalty PNB, Phone Pe and others?
Aashna Tripathi made post

Why has RBI imposed a heavy penalty PNB, Phone Pe and others?

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Aditi Sharma answered.
6 months ago
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RBI imposed a total penalty of over Rs.5.78 crore on a number of entities, including PNB, Sodexho and Phone Pe for violating regulatory guidelines of the Payments and Settlement Systems Act. Only PNB is a bank and the rest are prepaid payment instrument or PPI issuers.

The entities that have been subjected to this penalty include Sodexho, Muthoot Vehicle Finance, QwikCilver Solutions, Phone Pe, Delhi Metro Rail Corp and PNB. While a penalty of Rs.2 crore was imposed on Sodexho, PNB and QwikCilver will have to Rs.1 crore each. Phone Pe will have to pay Rs.1.30crore while Muthoot will pay Rs.35 lakhs.
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