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RBI slaps penalty of Rs 1 crore each on One Mobikwik Systems & Spice Money

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"These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers, the RBI said in a statement.

RBI slaps penalty of Rs 1 crore each on One Mobikwik Systems & Spice Money
The Reserve Bank of India (RBI) on Thursday has imposed a monetary penalty of Rs 1 crore each on One Mobikwik Systems Private Ltd and Spice Money Ltd for deficiencies in the regulatory compliance.
"These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers," the RBI said in a statement.
It was observed that the above entities had not complied with the directions issued by RBI on the net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs). As these were offences of the nature referred to in Section 26 (6) of the PSS Act, notices were issued to the entities, it said.
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After reviewing their written responses and the oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty, it added.
The penalties have been imposed in the exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act, the statement said.
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