RegulatoryBusiness Standard
RBI fines MobiKwik 9 lakh over PPI and fraud lapses
Negative-99
GreyOak summary
The Reserve Bank of India imposed a penalty of ₹9 lakh on MobiKwik for non-compliance with prepaid payment instrument directions and delayed fraud reporting. The regulator found the company allowed transfers beyond prescribed limits and failed to report frauds within timelines. The penalty was issued under the Payment and Settlement Systems Act, 2007, following a statutory inspection.
What it affects
- One Mobikwik SystemsMOBIKWIKNegative -99
Fined 9 lakh for PPI and fraud lapses.Rolling sentiment Negative -37
- RBI regulationNegative -66
RBI fined MobiKwik for compliance lapses.Rolling sentiment Positive +29
Source
Read the original at Business StandardMore One Mobikwik Systems news
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