RBI imposes penalty of Rs.3.05 crore on Vodafone m-pesa, Rs.1 crore each on My Mobile, Phonepe & GI Technology and Rs. 5 lakh on Y-Cash

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.

1. My Mobile Payments Limited - Order dated 22-10-2018, Amount of Penalty Rs. 100 lakh
2. Phonepe Private Limited - Order dated 14-02-2019, Amount of Penalty Rs.100 lakh
3. Y-Cash Software Solutions Private Limited - Order dated 22-02-2019, Amount of Penalty Rs.5 lakh
4. Vodafone m-pesa Limited - Order dated 06-03-2019, Amount of Penalty Rs.305 lakh
5. GI Technology Private Limited - Order dated 26-03-2019, Amount of Penalty Rs.100 lakh
[RBI]