RBI fined fintech firm Obopay Mobile Technology INR 5.93 Lakh

August 19, 2022

, By Sreejit Kumar

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The Reserve Bank of India (RBI) fined fintech firm Obopay Mobile Technology INR 5.93 Lakh for noncompliance with the central bank’s rules.

The fine was imposed for failing to follow certain master directive provisions concerning prepaid payment instruments (PPIs) and knowing your customer (KYC). “The Reserve Bank of India has imposed a monetary penalty of INR 5,93,000/- on Obopay Mobile Technology India Private Limited for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 and the Master Direction – KYC Direction, 2016 dated February 25, 2016,” the RBI said in a statement. The fine was imposed in accordance with Section 30 of the Payment and Settlement Systems Act of 2007.

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Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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RBI fined fintech firm Obopay Mobile Technology INR 5.93 Lakh

August 19, 2022

, By Sreejit Kumar

The Reserve Bank of India (RBI) fined fintech firm Obopay Mobile Technology INR 5.93 Lakh for noncompliance with the central bank’s rules.

The fine was imposed for failing to follow certain master directive provisions concerning prepaid payment instruments (PPIs) and knowing your customer (KYC). “The Reserve Bank of India has imposed a monetary penalty of INR 5,93,000/- on Obopay Mobile Technology India Private Limited for non-compliance with certain provisions of the Master Directions on PPIs dated August 27, 2021 and the Master Direction – KYC Direction, 2016 dated February 25, 2016,” the RBI said in a statement. The fine was imposed in accordance with Section 30 of the Payment and Settlement Systems Act of 2007.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Previous News

Dubai’s RTA upgraded its ‘back to school’ fleet’s GPS tracking and emergency measures

Next News

Centre is considering legislation to regulate big tech companie’s data collection and data usage policies

Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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