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SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

PAYMENT SYSTEM OPERATORS (NON-BANK): IMPOSED PENALTY

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person APPNIT TECHNOLOGIES PVT.LTD.
  DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007   IMPOSED PENALTY RS.54,93,000

01-NOV-2021 		 
2
History of entity/person MONEYGRAM PAYMENT SYSTEMS INC.
  DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007   IMPOSED PENALTY RS.10,11,653

20-APR-2018 		 
3
History of entity/person ONE MOBIKWIK SYSTEMS PVT.LTD.
  DEFICIENCIES IN REGULATORY COMPLIANCE   IMPOSED PENALTY RS.1,00,00,000

07-DEC-2021 		 
4
History of entity/person PAYTM PAYMENTS BANK LTD.
  DID NOT OBTAIN NECESSARY DOCUMENTS REGARDING NATURE AND PROOF OF BUSINESS

DID NOT TAKE LIVE PHOTOGRAPHS OF CUSTOMERS CAPTURING WATER-MARK IN READABLE FORM, CAF NUMBER, GPS COORDINATES, AUTHORIZED OFFICIAL’S NAME, UNIQUE EMPLOYEE CODE (ASSIGNED BY RE), DATE AND TIME STAMP WHILE CARRYING OUT DIGITAL KYC

ISSUED DEMAND DRAFTS EACH FOR VALUE OF RUPEES FIFTY THOUSAND AND ABOVE WITHOUT INCORPORATING NAME OF THE PURCHASER ON THE FACE OF IT

MADE PERSISTENT CALLS TO SOME OF THE CUSTOMERS

DID NOT PUT IN PLACE MECHANISM TO ENSURE INTEGRITY OF CRITICAL FILE OF APPLICATIONS, DATABASES AND OPERATING SYSTEMS

RECOVERED SMS ALERT CHARGES FROM CUSTOMERS, NOT ON ACTUAL USAGE BASIS   		IMPOSED PENALTY RS.5,39,00,000

10-OCT-2023 		 
5
History of entity/person PAYTM PAYMENTS BANK LTD.
  DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007   IMPOSED PENALTY RS.1,00,00,000

01-OCT-2021 		 
6
History of entity/person SPICE MONEY LTD.
  DEFICIENCIES IN REGULATORY COMPLIANCE   IMPOSED PENALTY RS.1,00,00,000

07-DEC-2021 		 
7
History of entity/person TATA COMMUNICATIONS PAYMENT SOLUTIONS LTD.
  DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007   IMPOSED PENALTY RS.2,00,00,000

21-OCT-2021 		 
8
History of entity/person WESTERN UNION FINANCIAL SERVICES INC.
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES OF RBI ON MASTER DIRECTION ON MONEY TRANSFER SERVICE SCHEME (MTSS) DIRECTIONS, 2017   IMPOSED PENALTY RS.27,78,750

07-OCT-2021 		 
9
History of entity/person WESTERN UNION FINANCIAL SERVICES INC.
  DID NOT ADHERE TO PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007   IMPOSED PENALTY RS.29,66,959

20-APR-2018 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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