"The Reserve Bank of India has fined PNB, sodexo, phonepe and six other companies about Rs 5.6 crore for violating the rules".
This is the Reserve Bank of India. Several agencies are known to have violated the Reserve Bank's regulatory guidelines. As a result, the Reserve Bank has taken a little stricter action on these few institutions.
Among the companies here, Punjab National Bank has imposed fines on six more entities, including sodexo and phonepe, worth about Rs 5.78 crore.
The RBI has imposed fines on these companies for non-compliance with regulatory guidelines in the exercise of powers under Section 30 November of the Payment and Settlement Systems Act, 2007.
Apart from this Punjab National Bank, the other 5 entities are PPI issuers. Reserve Bank of India sodexo SVC India, Muthoot Vehicle and Asset Finance Ltd., Quixilver Solutions Pvt.
Apart from this Punjab National Bank, the other 5 entities are PPI issuers. Reserve Bank of India sodexo SVC India, Muthoot Vehicle and Asset Finance Ltd., Quixilver Solutions Pvt. Ltd., PhonePay Pvt. Ltd., Delhi Metrorail Corporation Ltd. and Punjab National Bank.
Sodexo has been fined the most among these companies which is around Rs 2 crore. Among the other companies, Punjab National Bank and Quicksilver Solutions have been fined Rs 1 crore each.
Then the phonepe has been made around Rs 1.39 crore. Muthoot was also fined around Rs 34.55 lakh and Delhi Metrorail Corporation was fined Rs 5 lakh.