December3 , 2021

RBI Levies Rs 2 Crore Penalty On Tata Communications Payment Solutions

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RBI has imposed penalty on two entities over non-compliance of rules

Reserve Bank of India (RBI) has levied penalty on Tata Communications Payment Solutions and Appnit Technologies for non-compliance with sure rules.

In an announcement, the central financial institution stated {that a} penalty of Rs 2 crore on Tata Communications Payment Solutions and Rs 54.93 lakh on Appnit has been imposed.

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

Action was taken towards the 2 entities because of deficiencies observed of their regulatory compliance and will not be supposed to pronounce upon the validity of any transaction or settlement entered into by them with their clients, the RBI stated.

Tata Communications Payment Solutions was discovered to be non-compliant with the instructions issued by RBI on White Label ATM deployment targets and net-worth requirement, the assertion stated.

“After reviewing their written responses and oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted the imposition of monetary penalty,” the RBI stated.

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