Correct Answer : Mobikwik and Spice Money
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore each on payment platforms Mobikwik and Spice Money. In a press statement, RBI said that the penalties have been imposed on these two payment service operators (PSOs) under provisions of Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act). “These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers,” RBI said.
Both One Mobikwik Systems Private Limited – parent company of Mobikwik – and Spice Money Limited have been penalised for committing offences of the nature referred to in Section 26 (6) of the PSS Act.
