RBI fines PhonePe INR 2.1 mln for non-compliance of norms
This story was originally published at 18:43 IST on 12 September 2025
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--RBI fines PhonePe INR 2.1 mln
NEW DELHI – The Reserve Bank of India has imposed a penalty of INR 2.1 million on PhonePe Ltd. for not complying with directions on 'Prepaid Payment Instruments', the central bank said in a release Friday. "The end of the day balance in the escrow account of the company was less than the value of outstanding PPIs and payments due to merchants on certain days and the company did not report shortfall in the said escrow account to RBI immediately," the RBI said.
The RBI conducted a statutory inspection of PhonePe's operations for the period from October 2023 to December 2024. Based on the findings of the inspection, the RBI sent a notice to the company advising it to show cause as to why penalty should not be imposed on it. "After considering the company's reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty. End
Reported by Shubham Rana
Edited by Ashish Shirke
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