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RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

Published: 30th July 2019 12:20 PM  |   Last Updated: 30th July 2019 12:20 PM   |  A+A-

RBI

RBI (File Photo | PTI)

By PTI

MUMBAI: The Reserve Bank has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers One Mobikwik Systems and Hip Bar.

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.

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