The Reserve Bank of India (RBI) has imposed monetary penalty of ₹3 crore ($408,182) on Transaction Analysts (India) Pvt. Ltd. for breaching or not complying with RBI guidelines on Issuance and Operation of PPIs in India and Know Your Customer (KYC).
The RBI has also imposed monetary penalty on four White Label ATM (WLA) Operators, namely, BTI Payments Pvt. Ltd. ($272,121), Hitachi Payment Services Pvt. Ltd. ($272,121), Tata Communications Payment Solutions Ltd. ($136,061) and Vakrangee Ltd. ($136,061). These penalties are a result of violations of, or non-compliance with, the RBI’s ‘White Label ATMs in India – Guidelines’ document.
On-site inspection of Transaction Analysts (India) Pvt. Ltd. helped identify non-compliance with RBI guidelines on escrow account balances, KYC and transaction limits. Furthermore, off-site review of the WLA Operators revealed non-compliance with RBI guidelines on ATM deployment and maintenance of networth.
Source: Reserve Bank of India
