Quick Summary
Reserve Bank of India imposes monetary penalty on (1) Sodexo SVC India Private Limited, (2) Muthoot Vehicle & Asset Finance Limited, (3) QwikCilver Solutions Private Limited, (4) Phonepe Private Limited, (5) Delhi Metro Rail Corporation Limited and (6) Punjab National Bank
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines.
| Sr. No. | Name of the Entity | Speaking Order dated | Amount of Penalty (Rs lakh) |
| Non-bank Prepaid Payment Instrument Issuers | |||
| 1. | Sodexo SVC India Private Limited | 03-08-2020 | 200.00 |
| 2. | Muthoot Vehicle & Asset Finance Ltd. | 12-08-2020 | 34.55 |
| 3. | QwikCilver Solutions Private Limited | 15-10-2020 | 100.00 |
| 4. | Phonepe Private Limited | 04-11-2020 | 139.00 |
| 5. | Delhi Metro Rail Corporation Limited | 13-11-2020 | 5.00 |
| ATM Network Operator | |||
| 6. | Punjab National Bank | 13-11-2020 | 100.00 |
(Yogesh Dayal)
Chief General Manager
FAQ :
The Reserve Bank of India has imposed penalties on Sodexo SVC India Private Limited, Muthoot Vehicle & Asset Finance Limited, QwikCilver Solutions Private Limited, Phonepe Private Limited, Delhi Metro Rail Corporation Limited, and Punjab National Bank.
These entities were fined for non-compliance with regulatory guidelines, as per the Reserve Bank of India.
The penalties were imposed in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007.
The penalties range from Rs 5 lakh for Delhi Metro Rail Corporation Limited to Rs 200 lakh for Sodexo SVC India Private Limited. Other penalties include Rs 34.55 lakh for Muthoot Vehicle & Asset Finance Ltd., Rs 100 lakh for QwikCilver Solutions Private Limited, Rs 139 lakh for Phonepe Private Limited, and Rs 100 lakh for Punjab National Bank.
No, while Sodexo SVC India Private Limited, Muthoot Vehicle & Asset Finance Ltd., QwikCilver Solutions Private Limited, and Phonepe Private Limited are non-bank prepaid payment instrument issuers, Delhi Metro Rail Corporation Limited and Punjab National Bank are also among the fined entities.
CAclubindia
