India, May 15 -- Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.80 lakh on Appnit Technologies Private Limited for non-compliance with directions related to Know Your Customer (KYC) norms and Prepaid Payment Instruments (PPI).
The penalty was imposed through an order dated May 11, 2026, under the provisions of the Payment and Settlement Systems Act, 2007.
According to RBI, the statutory inspection of the company covered operations from April 2024 to August 2025. Following supervisory findings and related correspondence, the central bank issued a show-cause notice to the company seeking an explanation for the regulatory lapses.
After reviewing the company's response and additional submissions, RBI found that Appnit Tec...