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RBI imposes penalty of Rs 2 crore on TCPSL, Rs 54.93 lakh on ATPL – rbi imposes penalty of rs 5493 lakh on tcpsl on 2 crore atpl

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RBI imposes penalty of Rs 2 crore on TCPSL, Rs 54.93 lakh on ATPL – rbi imposes penalty of rs 5493 lakh on tcpsl on 2 crore atpl

Mumbai, Nov 24 (PTI) The Reserve Bank of India (RBI) has imposed penalty on Tata Communications Payment Solutions Ltd (TCPSL) and Apnit Technologies Pvt Ltd (ATPL) for non-compliance with regulatory norms.

RBI in a statement on Wednesday gave information about imposing penalty on both these companies. Accordingly, it has imposed a fine of Rs 2 crore on TCPSL and Rs 54.93 lakh on ATPL.

“It has been observed that TCPSL has not complied with the instructions regarding installation of White Label ATMs and Networth,” the central bank said. At the same time, ATPL did not comply with the provisions regarding balance and net worth in escrow accounts.

RBI had also sent notices to these two companies that installed PSO machines for payment at commercial establishments. After reviewing the reply received from him, the central bank has decided to impose a penalty on him.

RBI said that the reason for imposing penalty on both these PSO providers is due to non-compliance of rules and it has nothing to do with the validity of the transactions done with their customers.

In another statement, RBI has also informed about imposing a fine of Rs 20 lakh on Kerala-based company Mulamuttil Financiers Limited. He has been found guilty of non-compliance with the norms for classification of non-performing assets.

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