RBI fines MobiKwik, HipBar ₹26 lakh for violating norms

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The Reserve Bank (RBI) has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers One Mobikwik Systems and HipBar.

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

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These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.

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