India, March 27 -- The Reserve Bank of India (RBI) has, by an order dated March 23, 2026, imposed a monetary penalty of ?3.10 lakh (Rupees Three Lakh Ten Thousand only) on Pine Labs Limited (formerly known as Pine Labs Private Limited) [the company] for non-compliance with certain provisions of the directions issued by RBI on 'Prepaid Payment lnstruments (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 July 2024 to May 2025. Based on supervisory findings of non-compliance with RBI directions ...