The Reserve Bank of India (RBI) has imposed a total fine of over Rs 5.78 crore on five non-bank prepaid payment instrument and PNB for violating regulatory guidelines.

An RBI release said, “In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has imposed monetary penalty on these entities for non-compliance of regulatory guidelines.”

Except Punjab National Bank (PNB), the remaining five entities are non-bank prepaid payment instrument (PPI) issuers.

These entities include Sodexo SVC India Pvt Ltd (slapped with the highest fine of Rs2 crore), Muthoot Vehicle & Asset Finance Ltd (Rs 34.55 lakh), QwikCilver Solutions Pvt Ltd (Rs 1 crore), Phonepe Pvt Ltd (Rs 1.39 crore), Delhi Metro Rail Corporation Ltd (Rs 5 lakh), and Punjab National Bank (Rs 1 crore).