RBI penalty on Western Union, MoneyGram, Phonepe

Vodafone m-pesa slapped Rs3.05 cr monetary penalty

MUMBAI: The Reserve Bank of India (RBI) has imposed monetary penalty on Western Union Financial Services, MoneyGram Payment Systems and five prepaid payment instruments issuers (PPI) including Vodafone m-pesa Ltd in the recent past.

RBI has, vide orders dated April 20, 2019, imposed monetary penalty of Rs29.70 lakh and Rs10.12 lakh on Western Union Financial Services and MoneyGram Payment Systems respectively, for non-compliance of regulatory guidelines.

In another similar development, RBI has imposed monetary penalty on five PPI Issuers for non-compliance of regulatory guidelines under Section 30 of the Payment and Settlement Systems Act, 2007.

The other PPI issuers came under RBI monetary penalty are My Mobile Payments Ltd (Rs1 crore), Phonepe Pvt Ltd (Rs1 crore), Y-Cash Software Solutions Pvt Ltd (Rs5 lakh) and GI Technology Pvt Ltd (Rs1 crore).

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