RBI imposes financial penalty on Obopay Cellular Know-how India Personal Restricted

RBI imposes financial penalty on Obopay Cellular Know-how India Personal Restricted

The Reserve Financial institution of India (RBI) has imposed financial penalty of Rs.5,93,000/- (Rupees 5 lakh ninety-three thousand solely) on Obopay Cellular Know-how India Personal Restricted (the entity) for non-compliance with sure provisions of the Grasp Instructions on Pay as you go Fee Devices (PPIs) dated August 27, 2021 (as up to date on occasion) and the Grasp Route – Know Your Buyer (KYC) Route, 2016 dated February 25, 2016 (as up to date on occasion).

In accordance with the authority granted to the RBI by Part 30 of the Fee and Settlement Methods Act of 2007, the superb has been levied. This plan of action relies on regulatory compliance shortcomings and isn’t meant to rule on the legality of any deal the corporate has made with its shoppers.

Background

The entity was discovered to be in violation of the RBI’s directions relating to the necessities for KYC. Because of this, a discover was despatched to the entity instructing it to offer justification as to why no penalty needs to be utilized for failing to comply with the directions.

The entity’s response was taken under consideration, and the RBI got here to the conclusion that the aforementioned cost of failing to comply with RBI directions was true and required the imposition of a monetary penalty.



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