RBI imposes Rs 2.97 million penalty on Unimoni Financial Services

The Reserve Bank of India on Thursday said it has imposed a penalty of Rs 29.79 lakh on Unimoni Financial Services Limited as it was non-compliant with norms on small-PPI requirements.

The penalty, RBI said, has been imposed for non-compliance with certain instruction contained in the master direction on issuance and operation of Prepaid Payment Instruments (PPI).

"It was observed that the entity was non-compliant with the directions issued by RBI on small-PPI requirements," the central bank said.

A show-cause notice was issued to Unimoni Financial Services. The penalty was imposed after considering the company's response.

The central bank, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers.