The Reserve Bank of India under section 30 of the Payment and Settlement Systems Act, 2007, imposed a monetary penalty of Rs.5.78 crore on PNB, Sodexo, QwikCliver Solutions, Muthoot Vehicle & Asset Finance Ltd, Delhi Metro Rail Corporation and PhonePe for noncompliance of regulatory guidelines. Punjab National Bank is the only bank amongst the six entities as the remaining are non-bank prepaid payment instrument (PPI) issuers.
RBI imposes penalty of Rs.5.78 crore on six entities
