RBI imposes fines on 3 payment system operators including Visa Worldwide

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RBI imposes fines on 3 payment system operators including Visa Worldwide - Business Standard

Quick Summary:

The RBI has imposed penalties on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance.A penalty of Rs 2.4 crore has been imposed on Visa Worldwide Pte Limited and Rs 41.5 lakh on Manappuram Finance Limited.A fine of Rs 87.55 lakh has been slapped on Ola Financial Services in two cases.

Compounding orders were also issued to two Ola Financial Services and Visa Worldwide for contravention of certain provisions.

Giving details, the Reserve Bank of India said it was observed that Visa Worldwide Pte Limited had implemented a payment authentication solution without regulatory clearance from the central bank.