The Reserve Bank of India has imposed monetary penalty of ₹ 1 crore each on One Mobikwik Systems and Spice Money.
“It was observed that the above entities had not complied with the directions issued by RBI on networth requirement for Bharat Bill Payment Operating Units,” the RBI said.
As these were offences of the nature referred to in Section 26 (6) of the Payment and Settlement Systems Act, 2007, notices were issued to the entities, it further said.
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After reviewing their written responses and the oral submissions made during the personal hearing, RBI concluded that the charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.