The Reserve Bank of India said Tuesday that it has imposed a penalty on two prepaid payment instrument (PPI) issuers Yes Bank and ZipCash Card Services for non-compliance with regulatory norms.
A penalty of Rs 11.25 lakh each has been imposed on the two PPI issuers, according to an RBI release.
The penalty was imposed on the two entities through speaking orders dated April 22, 2019, according to the release.
The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned.