The Reserve Bank of India has imposed a penalty of Rs 1 crore each on One Mobikwik Systems and Spice Money for violation of norms on net worth requirement provided by the regulator for Bharat Bill Payment Operating Units.
After an enquiry, it has been found that the two payment system operators were in violation of norms.
“These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers,” RBI said in a release.
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