Latest News | RBI Imposes Rs 29.79 Lakh Penalty on Unimoni Financial Services
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 29.79 lakh on Unimoni Financial Services Limited as it was non-compliant with norms on small-PPI requirements.
Mumbai, May 12 (PTI) The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 29.79 lakh on Unimoni Financial Services Limited as it was non-compliant with norms on small-PPI requirements.
The penalty, RBI said, has been imposed for non-compliance with certain instruction contained in the master direction on issuance and operation of Prepaid Payment Instruments (PPI).
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"It was observed that the entity was non-compliant with the directions issued by RBI on small-PPI requirements," the central bank said.
A show-cause notice was issued to Unimoni Financial Services. The penalty was imposed after considering the company's response.
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The central bank, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)