RBI put Rs 26,00,000 fine on Mobikwik & Hip Bar

The Reserve Bank of India put Rs 26,00,000 fine on MobiKwik and Hip Bar Private Limited for non-compliance of regulatory guidelines.
In a statement, RBI said that Digital wallet company-Mobikwik has been fine Rs 15,00,000, and Hip Bar Private Limited has been slapped a fine of Rs 10,85,000.
The central bank said that these 2-prepaid payment instruments (PPI) issuers were levied a monetary penalty for non-compliance of regulatory guidelines.

Published On : 31 Jul 2019