RBI slaps Rs 26 lakh fine on Mobikwik, Hip Bar for violating norms

NEW DELHI: The Reserve Bank of India (RBI) has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers One Mobikwik Systems and Hip Bar.nnOne Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.nnThese two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.nnSource: Press Trust of India