RBI imposes Rs 6 crore penalty on four White Label ATM Operators
The RBI on Friday said it has imposed penalties totalling Rs 6 crore on four White Label ATM operators for deficiencies in regulatory compliance.
The RBI announced on Friday that it had fined four White Label ATM (WLA) operators, including Hitachi Payment Services and Tata Communications Payment Solutions, a total of Rs 6 crore for regulatory violations.
It also announced that Transaction Analysts (India) Pvt Ltd had been fined Rs 3 crore for violating specific terms of directives related to the issuance and operation of prepaid payment instruments (PPIs) and Know Your Customer.
BTI Payments and Hitachi Payment Services each face a penalty of Rs 2 crore, while Tata Communications Payment Solutions Ltd and Vakrangee Ltd face a fine of Rs 1 crore.
However, the penalties imposed on the five payment system operators are based on regulatory compliance problems. They are not intended to judge the validity of any transaction or agreement entered into by the firms with their customers.