Legal27 March 2026 at 03:31 pm
RBI Imposes Penalty on Pine Labs Ltd for KYC Violations
AI Summary
Pine Labs Ltd has been issued a penalty by the Reserve Bank of India (RBI) under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007. The penalty is imposed due to the issuance of certain Full-KYC Prepaid Payment Instruments (PPIs) without completing the Know Your Customer (KYC) verification of the respective PPI holders. The company has stated that there is no material impact on its financials, operations, or other activities due to this order.
Key Highlights
- Pine Labs Ltd fined by RBI
- Penalty imposed under Payment and Settlement Systems Act, 2007
- Violation of KYC norms in issuing Full-KYC PPIs
- No material impact on the company's financials, operations, or other activities