The central bank said it observed that both the entities had not complied with the directions issued by the Reserve Bank on net worth requirement for Bharat Bill Payment Operating Units.
The Reserve Bank of India (RBI) on Thursday said it has imposed a penalty of Rs 1 crore each on payment system operators One MobiKwik Systems Pvt Ltd and Spice Money Ltd for deficiencies in regulatory compliance.
Giving details, the central bank said it observed that both the entities did not comply with the directions issued by the Reserve Bank on net worth requirement for Bharat Bill Payment Operating Units (BBPOUs).
As these were offenses of the nature specified in a section of the Payment and Settlement Systems Act, 2007, notices were issued to the entities.
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