The apex bank of India Reserve bank of India (RBI) has imposed a fine of Rs. 26 lakh rupees on two online payment solutions providers for violating norms. The RBI has imposed fine on Mobikwik and Hip Bar for non-compliance of regulatory guidelines.
The Mobikwik Systems Private Limited has been imposed a fine of Rs.15 lakhs and Hip Bar Private Limited has imposed a fine of Rs.10.85 lakhs.
The RBI in a statement said that these two prepaid payment instrument issuers were levied a monetary penalty for non-compliance or norms.
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