RBI imposes fines on PPIs for violating norms

The Reserve Bank of India on Friday said that it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms.  Also, penalties have been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of guidelines.  The central bank said in a statement that a penalty of Rs 3.05 crore was imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, Phone...