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RBI imposes fine on One Mobikwik Systems, Spice Money


The Reserve Financial institution of India has imposed a penalty of Rs 1 crore every on One Mobikwik Programs and Spice Money for violation of norms on internet price requirement supplied by the regulator for Bharat Bill Payment Operating Units.

After an enquiry, it has been discovered that the 2 fee system operators had been in violation of norms.

“These actions are primarily based on deficiencies in regulatory compliance and should not meant to pronounce upon the validity of any transaction or settlement entered into by the entities with their clients,” RBI mentioned in a launch.

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