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RBI Levies Rs 2 Crore Penalty On Tata Communications Payment Solutions

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RBI imposed sanction on two entities for not complying with regulations

The Reserve Bank of India (RBI) has fined Tata Communications Payment Solutions and Appnit Technologies for failing to comply with certain regulations.

In a statement, the central bank said a penalty of Rs 2 crore on Tata Communications Payment Solutions and Rs 54.93 lakh on Appnit was imposed.

Tata Communications Payment Solutions is a wholly owned subsidiary of Tata Communications Limited.

Measures have been taken against the two entities due to deficiencies observed in their regulatory compliance and are not intended to rule on the validity of a transaction or an agreement concluded by them with their customers, a indicated the RBI.

Tata Communications’ payment solutions were found to be non-compliant with instructions issued by RBI on white-label ATM deployment targets and net worth requirements, the statement said.

“After reviewing their written responses and oral submissions made during the personal hearing, RBI concluded that the aforementioned charges of failing to comply with RBI’s instructions were founded and warranted the imposition of a monetary penalty,” the RBI said.

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