RBI imposes Rs 5 lakh fine on Oxigen Services

The Reserve Bank yesterday said that it has imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services.  The RBI  said in a release that the move was taken in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, for non-compliance of regulatory guidelines. The fine comes through a speaking order dated September 17, 2019.Oxigen Services facilitates payment processing and money transfer services.