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.
