Reserve Bank of India has levied penalty on Tata Communications Payment Solutions and Appnit Technologies for non-compliance with certain regulations
Reserve Bank of India (RBI) has levied penalty on Tata Communications Payment Solutions and Appnit Technologies for non-compliance with certain regulations.
In a statement, the central bank said that a penalty of ₹ 2 crore on Tata Communications Payment Solutions and ₹ 54.93 lakh on Appnit has been imposed.
Tata Communications Payment Solutions is a wholly-owned subsidiary of Tata Communications Limited.
Action was taken against the two entities due to deficiencies noticed in their regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers, the RBI said.
Tata Communications Payment Solutions was found to be non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement, the statement said.
“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 said.