RBI orders MobiKwik to probe alleged data leak of 110 million users

India’s central bank has ordered digital payments firm MobiKwik to probe allegations that data of its 110 million users was breached, and warned that the company will face fines if lapses are found, a source with direct knowledge of the situation told Reuters on Thursday.

MobiKwik, which is backed by Sequoia Capital and India’s Bajaj Finance, has faced growing criticism this week for denying a leak many customers and digital rights activists say is linked to the company’s database. The Reserve Bank of India (RBI) was “not happy” with the company’s initial response and has asked it to act immediately, said the source, who declined to be named as the discussion between the RBI and the company was private.