RBI has imposed penalty on 2 entities over shortages in regulative compliancesMumbai: Reserve Bank of India (RBI) on Thursday said it has actually imposed a charge of Rs 1 crore each on payment system operators One Mobikwik Systems Private Limited and Spice Cash Restricted for shortages in regulative compliance.The reserve bank said it saw that the 2 companies had not adhered to the directions issued by it on net worth requirement for Bharat Costs Payment Operating Units (BBPOUs).

As these were offences of the nature referred to in an Area of the Payment and Settlement Systems Act, 2007, notifications were issued to the entities.

After evaluating their written responses and the oral submissions made during the individual hearing, the RBI concluded that the aforesaid charges of non-compliance with the RBI instructions were substantiated and necessitated imposition of monetary charge, it said.The RBI, however, added that the penalties are based upon deficiencies in regulative compliance and are not planned to pronounce upon the validity of any deal or contract participated in by the entities with their consumers.