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RBI slaps fines on six entities including PNB, Sodexo, PhonePe

Published: Nov 21, 2020

By TIOLCORPLAWS News Service

NEW DELHI, NOV 21, 2020: THE Reserve Bank of India (RBI) has imposed a total fine of nearly Rs 5.78 crore on six entities, including Sodexo, Muthoot, PhonePe and Delhi Metro for non-compliance of regulatory guidelines.

In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI imposed monetary penalty on these entities, the bank's release said.

Other than Punjab National Bank (PNB), Sodexo SVC India Private Limited, Muthoot Vehicle and Asset Finance Limited, QwikCilver Solutions Private Limited, Phonepe Private Limited and Delhi Metro Rail Corporation Limited (DMRC)were penalised as non-bank prepaid payment instrument issuers.

Sodexo waslevied with the highest fine of Rs 2 crore, followed by PhonePewith Rs 1.39 crore, and PNB and QwikCilver Solutions at Rs 1 crore each.

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