RBI imposes fine on ZipCash, Yes Bank
Mumbai, Jun 12(UNI)The Reserve Bank of India (RBI) said that it has imposed a Monetary penalty of Rs 11.25 lakh each on two prepaid payment instrument (PPI) issuers Yes Bank and ZipCash Card Services.
A penalty has been imposed in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, for non-compliance of regulatory guidelines, a release issued by RBI said.
The penalty was imposed on the two entities through speaking orders dated April 22, 2019, it added.
UNI JS NV SV 1135
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
