RBI imposes penalties on TCPSL, ATPL

The Reserve Bank has imposed penalties on Tata Communications Payment Solutions Limited (TCPSL) and Appnit Technologies Private Limited (ATPL) for deficiencies in regulatory compliance. A penalty of Rs 2 crore has been imposed on TCPSL and Rs 54.93 lakh on ATPL, the central bank said in a statement on Wednesday.

“It was observed that TCPSL was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement. ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement,” it said. The RBI had issued notice to these two authorised Payment System Operators (PSOs).