The Reserve Bank of India (RBI) has imposed a Rs36.50 lakh penalty on four cooperative banks and one non-banking financial company (NBFC) for violating various rules and regulations. One bank belongs to West Bengal, while the remaining three banks and the NBFC are from Maharashtra. RBI has levied a fine of Rs30.50 lakh, the maximum among the five entities, on Mahararashtra-based NBFC Paul Merchants Finance Pvt Ltd.
Paul Merchants Finance Pvt Ltd, has noticed some incidents whereby some customers have been able to hack the servers of the Company, which were being used by them for issuing prepaid wallets and prepaid cards.