RBI imposed the penalty after it concluded that the company made certain non-permissible debit from the escrow account in violation of PA norms
The central bank added that the penalty was imposed in exercise of powers under provisions Section 30(1) and Section 26(6) of the Payment and Settlement Systems Act, 2007
Founded in 2015, Cashfree Payments offers digital payment solutions like payment gateway, payout solutions, and banking APIs
The Reserve Bank of India (RBI)…

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