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RBI fines PNB, PhonePe, 4 other firms for violation of norms

PTI     November 21, 2020

Reserve Bank of India,RBI,RBI fines six firms,Punjab National Bank,PNB,Sodexo,PhonePe,QwikCilver,Delhi metro rail corporation Ltd,DMRC,Muthoot finance

The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on six entities, including PNB, Sodexo, and PhonePe, for violating regulatory guidelines.

"In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed monetary penalty on these entities for non-compliance of regulatory guidelines," it said in a release.

Also Read: RBI fines Nissan Renault Financial Services India Rs 5 lakh for non-compliance

Except Punjab National Bank (PNB), the remaining five entities are non-bank prepaid payment instrument (PPI) issuers.

"RBI imposes penalty on Sodexo SVC India Pvt Ltd, Muthoot Vehicle & Asset Finance Ltd, QwikCilver Solutions Pvt Ltd, Phonepe Pvt Ltd, Delhi Metro Rail Corporation Ltd, and Punjab National Bank," said the release.

Sodexo is slapped with the highest fine of Rs 2 crore; PNB and QwikCilver Solutions Rs 1 crore each; PhonePe Rs 1.39 crore; Muthoot Vehicle & Asset Finance Rs 34.55 lakh; and Delhi Metro Rail Corporation Rs 5 lakh.

Also Read: RBI fines IndusInd Bank Rs 4.50 crore for non-compliance with apex bank's directions

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