RBI Imposed more than Rs 5.78 Crore Fine on Six Entities Namely PNB, Sodexo and PhonePe

Sodexo is hit with the most noteworthy fine of Rs 2 crore; PNB and QwikCilver Solutions Rs 1 crore each; PhonePe Rs 1.39 crore; Muthoot Vehicle & Asset Finance Rs 34.55 lakh; and Delhi Metro Rail Corporation Rs 5 lakh.

The Reserve Bank of India (RBI) has forced a complete fine of over Rs 5.78 crore on six substances, including PNB, Sodexo and PhonePe, for disregarding administrative rules.

In exercise of forces vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has forced money related punishment on these substances for resistance of administrative rules, it said in a delivery.

But Punjab National Bank (PNB), the leftover five substances are non-bank prepaid installment instrument (PPI) backers. RBI forces the punishment on Sodexo SVC India Pvt Ltd, Muthoot Vehicle and Asset Finance Ltd, QwikCilver Solutions Pvt Ltd, Phonepe Pvt Ltd, Delhi Metro Rail Corporation Ltd, and Punjab National Bank, said the delivery.

Sodexo is hit with the most elevated fine of Rs 2 crore; PNB and QwikCilver Solutions Rs 1 crore each; PhonePe Rs 1.39 crore; Muthoot Vehicle and Asset Finance Rs 34.55 lakh; and Delhi Metro Rail Corporation Rs 5 lakh.