The Reserve Bank of India (RBI) has imposed monetary penalty of ₹2.97 million on Unimoni Financial Services Limited (the entity) for non-compliance with the instruction contained in paragraph 9.1(i) of the Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI MD) dated October 11, 2017 (as updated on November 17, 2020).
It was observed that the entity was non-compliant with the directions issued by RBI on small-PPI requirements. Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53696
This is RBI's way of announcing regulatory measures. So pathetic it is not giving any details of the non compliance or violation of the provisions of the regulations.
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