RBI Fines Visa, Manappuram, and Ola for Compliance Breaches
RBI's penalties focus on compliance issues and do not assess the legality of transactions or agreements between these companies and their customers.
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On Friday, the Reserve Bank of India (RBI) imposed fines on several payment system operators for failing to adhere to regulatory standards
Visa Worldwide Pte Limited was penalised by Rs 2.4 crore for implementing a payment authentication solution without prior regulatory approval.
Manappuram Finance Limited received a fine of Rs 41.5 lakh for similar compliance issues.
Ola Financial Services was fined twice: Rs 33.40 lakh for failing to meet Know Your Customer (KYC) regulations and Rs 54.15 lakh for deficiencies under the Payment and Settlement Systems Act, 2007.
The RBI's penalties focus on compliance issues and do not assess the legality of transactions or agreements between these companies and their customers.
Both Visa Worldwide and Ola Financial Services had their cases reviewed for potential compounding of the violations, which were subsequently approved.
