MUMBAI, India, Sept. 12 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated September 10, 2025, imposed a monetary penalty of ₹21 lakh (Rupees Twenty One Lakh only) on PhonePe Limited (formerly known as PhonePe Private Limited) (the company) for non-compliance with certain directions issued by RBI on 'Prepaid Payment Instruments (PPIs)'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.
The statutory inspection of the company was conducted by RBI with reference to its operations for the period from October 2023 to December 2024. Based on supe...