CONSUMER EDUCATION AND PROTECTION

The Reserve Bank’s approach to customer service focusses on protection of customers’ rights, enhancing the quality of customer service, spreading awareness and strengthening the grievance redressal mechanism in banks and also in the Reserve Bank.


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Date : May 03, 2019
Reserve Bank of India imposes monetary penalty on five Prepaid Payment Instrument (PPI) Issuers

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 PPI Issuers for non-compliance of regulatory guidelines.

Sr. No. Name of the PPI Issuer Speaking Order dated Amount of Penalty
(in ₹ lakh)
1. My Mobile Payments Limited 22-10-2018 100
2. Phonepe Private Limited 14-02-2019 100
3. Y-Cash Software Solutions Private Limited 22-02-2019 5
4. Vodafone m-pesa Limited 06-03-2019 305
5. GI Technology Private Limited 26-03-2019 100

Shailaja Singh
Deputy General Manager

Press Release : 2018-2019/2593


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