The Reserve Bank of India (RBI) on Thursday announced that it has imposed a monetary penalty of Rs 1 crore each on two payment system operators (PSOs) One Mobikwik Systems Private Limited and Spice Money Limited for violating certain norms of the banking regulator.
The central bank explained that it has observed that One Mobikwik Systems Private Limited and Spice Money Limited had not complied with the direction issued by RBI on the net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs).