The Reserve Bank on Thursday said it has imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services. In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty of Rs 5 lakh on the Prepaid Payment Instrument (PPI) issuer Oxigen Services (India) Private Limited for non-compliance of regulatory guidelines, the Reserve Bank of India (RBI) said in a release.
However, it did not mention the exact area in which the company failed to comply with its guidelines. The fine comes through a speaking order dated September 17, 2019. Oxigen Services facilitates payment processing and money transfer services.