RBI imposes monetary penalty on One Mobikwik Systems
ReutersBased on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to One Mobikwik Systems.
Mumbabi: The Reserve Bank on Friday said it has imposed a penalty of Rs 9 lakh on One Mobikwik Systems for non-compliance with certain norms.
In a release, the central bank said a statutory inspection of the company was conducted by the RBI with reference to its operations for the period from June 2025 to March 2026.
Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to One Mobikwik Systems.
After considering the company's reply to the notice and additional submissions, RBI found that One Mobikwik Systems allowed fund transfers by certain PPI holders to non-pre-registered beneficiaries beyond the prescribed limit.
The company failed to report certain frauds within the prescribed timeline, the Reserve Bank of India (RBI) said.
The RBI, however, added that 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.
In a release, the central bank said a statutory inspection of the company was conducted by the RBI with reference to its operations for the period from June 2025 to March 2026.
Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to One Mobikwik Systems.
After considering the company's reply to the notice and additional submissions, RBI found that One Mobikwik Systems allowed fund transfers by certain PPI holders to non-pre-registered beneficiaries beyond the prescribed limit.
The company failed to report certain frauds within the prescribed timeline, the Reserve Bank of India (RBI) said.
The RBI, however, added that 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.