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

These two prepaid payment instrument issuers have been levied monetary penalty for non-compliance of regulatory guidelines.

Update: 2019-07-30 03:35 GMT
MobiKwik said it had started offering wallet-to-wallet transfers, though not all rivals were on board.

Mumbai: 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.

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