Mumbai : In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following five Prepaid Payment Instrument (PPI) Issuers for non-compliance of regulatory guidelines, says a press release from RBI.

Name of the PPI Issuer, order date and penalty details are as below.

Mumbai : As per the press release from the Reserve Bank of India (RBI), it has, vide orders dated April 20, 2018, imposed monetary penalty of ₹ 29,66,959/- and ₹ 10,11,653/- on Western Union Financial Services Inc., USA and MoneyGram Payment Systems Inc., USA, respectively, for non-compliance of regulatory guidelines.

These penalties have been imposed in exercise of the powers vested in RBI under the provisions of Section 31 of the Payment and Settlement Systems Act, 2007 for compounding of the contraventions, says the release.
[RBI]

New Delhi : The Vice President of India, Shri M. Venkaiah Naidu has asked the youngsters and students to use science and technology and their intellect to bring in a positive change in the lives of people.

Addressing the 1st Convocation of Indian Institute of Information Technology, Sri City (IIIT Sri City), in Chittoor District of Andhra Pradesh today, Shri Naidu called upon the youth to make impactful contributions to the society by providing solutions to pressing problems of the nation such as poverty, illiteracy, climate change, hidden hunger, urban-rural divide, and others.

New Delhi : Admiral Sunil Lanba, PVSM, AVSM, ADC the Chief of the Naval Staff, inaugurated the maiden ‘state-of-the-art’ Virtual Reality Centre (VRC) at the Directorate of Naval Design (Surface Ship Group), today. This centre would provide major boost to the Indigenous warship design capabilities of Indian Navy, providing impetus to self-reliance and greater fillip to warship construction under “Make in India” initiative of the Indian government.

New Delhi : The Vice President of India, Shri M. Venkaiah Naidu has said that financial inclusion and inclusive development are the needs of the hour. He called for ‘Antyodaya’ and stated that development held no meaning until its benefits reached the most deprived groups of people. He was addressing the gathering at the celebration of the 125th Foundation Day of the Punjab National Bank (PNB), here today.