Mumbai. The Reserve Bank of India (RBI) has imposed a fine of Rs 5.78 crore on six entities, including PNB , Sodexo and PhonePe, for violating regulatory guidelines. Under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed penalties on these units for not complying with regulatory guidelines. Except Punjab National Bank , the remaining five are non-bank prepaid payment product (PPI) issuing units. PPI is used to pay for the purchase of goods and services to friends, relatives, etc.
RBI has announced Sodexo SVC India Private Limited, Muthoot Vehicle and Asset Finance Limited, Quick Silver Solutions Private Limited, PhonePe Private Limited, Delhi Metro Rail Corporation Limited. And fined Punjab National Bank. Sodexo has been fined Rs 2 crore, while PNB and Quick Silver Solutions were fined Rs 1 crore each. At the same time, a penalty of Rs 1.39 crore has been imposed on PhonePe and Rs 34.55 crore on Muthoot Vehicle and Asset Finance and Rs 5 lakh on Delhi Metro Rail Corporation.