RBI slaps Rs.26 lakh fine on Mobikwik and Hip Bar

The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines.

The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15



lakh rupees while Hip Bar Pvt Ltd faced a fine of 10.85 lakh rupees.

It stated that these two prepaid payment instrument (PPI) issuers were levied a monetary penalty for non-compliance of regulatory guidelines.