RBI Fines IPO-Bound PhonePe For Flouting PPI Norms

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SUMMARY

The Reserve Bank of India (RBI) has imposed a monetary penalty of INR 21 Lakh on IPO-bound PhonePe Limited for violating norms related to Prepaid Payment Instruments (PPIs)

In a separate statement, the central bank notified that fintech surrendered its NBFC license on August 29. This is after PhonePe surrendered its NBFC-AA licence to the RBI earlier this year, and initiated the wind down of its AA operations

Notably, the company is expected to pre-file its IPO papers later this month, aiming to raise between $1.2 Bn and $1.5 Bn…



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RBI Fines IPO-Bound PhonePe For Flouting PPI Norms


SUMMARY

The Reserve Bank of India (RBI) has imposed a monetary penalty of INR 21 Lakh on IPO-bound PhonePe Limited for violating norms related to Prepaid Payment Instruments (PPIs)

In a separate statement, the central bank notified that fintech surrendered its NBFC license on August 29. This is after PhonePe surrendered its NBFC-AA licence to the RBI earlier this year, and initiated the wind down of its AA operations

Notably, the company is expected to pre-file its IPO papers later this month, aiming to raise between $1.2 Bn and $1.5 Bn…



Source link

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.

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