December 5, 2021

RBI imposes Monetary Penalty on two Payment System Operators

RBI imposes Monetary Penalty on two Payment System Operators
The Reserve Bank of India (RBI) has imposed monetary penalty on the following authorised Payment System Operators (PSOs) for committing offences of the nature referred to in Section 26(6) of the Payment and Settlement Systems Act, 2007 (PSS Act).

Sr. No. Name of the PSO Speaking Order dated Amount of Penalty
(₹ lakh)
1 Tata Communications Payment Solutions Limited (TCPSL) October 21, 2021 200.00
2 Appnit Technologies Private Limited (ATPL) November 1, 2021 54.93

The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act. These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.