RBI fines five payment system cos for breach of escrow, KYC and other norms

While Transaction Analysts (India) takes Rs 3 cr hit, four white label ATM operators suffer Rs 1-2 cr penalties

The Reserve Bank of India (RBI) on Friday imposed monetary penalties on five payment system operators for non-complying with certain provisions of the central bank.

A penalty of Rs 3 crore was levied on Transaction Analysts (India) Pvt Ltd. The RBI said on-site inspection of Transaction Analysts (India) revealed non-compliance with directions issued by the RBI on escrow account balances, limits prescribed for certain transactions, and KYC.

Further, penalties ranging from Rs 1-2 crore have been imposed on four white label ATM operators for non-complying with provisions of the RBI guidelines relating to white label ATMs in India.

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