RBI slaps penalty on Vodafone m-pesa, PhonePe and 3 others

MUMBAI: The Reserve Bank of India on Friday said it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms.

Also, penalties have been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of guidelines.

“In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India (RBI) has imposed monetary penalty on…five PPI Issuers for non-compliance of regulatory guidelines,” the central bank said in a statement.