RBI fines PhonePe Rs 21 lakh: What the central bank’s notice said
The Reserve Bank of India (RBI) has fined PhonePe ₹21 lakh for violating prepaid payment instrument (PPI) rules. An inspection revealed that PhonePe's escrow account balance sometimes fell below the required amount, and the company allegedly failed to report the shortfall promptly.
The Reserve Bank of India (RBI) has fined PhonePe ₹21 lakh for violating prepaid payment instrument (PPI) rules. An inspection revealed that PhonePe's escrow account balance sometimes fell below the required amount, and the company allegedly failed to report the shortfall promptly.
