RBI fines MobiKwik ₹9 lakh over PPI transfer lapses
In short
The RBI fined MobiKwik ₹9 lakh after an inspection found problems with PPI transfer limits and delayed fraud reporting.
The penalty puts more compliance pressure on the payments company.
What the reporting says
The RBI fined MobiKwik ₹9 lakh after an inspection found breaches of PPI transfer limits and delays in reporting certain frauds within the prescribed timeline. The penalty was imposed over compliance lapses flagged by the central bank. The action adds regulatory pressure on the digital payments company.
Why it matters
The RBI imposed a ₹9 lakh penalty on MobiKwik after an inspection found that the company breached rules on transferring PPIs and did not report certain frauds on time. The action is a regulatory compliance issue for MobiKwik and signals tighter oversight of its payment operations.