RBI imposes fine on ZipCash, Yes Bank

MUMBAI, June 12:The Reserve Bank of India (RBI) said that it has imposed a Monetary penalty of Rs 11.25 lakh each on two prepaid payment instrument (PPI) issuers Yes Bank and ZipCash Card Services.
A penalty has been imposed in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, for non-compliance of regulatory guidelines, a release issued by RBI said.
The penalty was imposed on the two entities through speaking orders dated April 22, 2019, it added.