RBI imposes Rs 21 lakh penalty on PhonePe over prepaid payment instrument rule violations
The Siliguri Today
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September 13, 2025 • 5:46 PM
RBI imposes Rs 21 lakh penalty on PhonePe over prepaid payment instrument rule violations
The Reserve Bank of India has imposed a 21 lakh penalty on PhonePe Limited for non-compliance with norms related to Prepaid Payment Instruments (PPIs), said its statement.
In reference to operations from October 2023 to December 2024, RBI found that the end-of-the-day balance in PhonePe's escrow account was less than value of outstanding PPIs, which remained unreported.
