The Reserve Bank of India (RBI) has imposed a fine of Rs 21 lakh on PhonePe for not complying with the rules of prepaid payment instruments (PPIs). A PPI is a prepaid instrument where bank customers load funds first and spend from that balance instead of directly accessing their bank account. The penalty, which was issued recently, follows a statutory inspection of the Walmart-owned digital payments firm’s operations from October 2023 to December 2024.<\/p>\n
According to the RBI, PhonePe’s end-of-day balance in its escrow account on some days was lower than the value of outstanding PPIs and payments owed to merchants. <\/p>\n","protected":false},"excerpt":{"rendered":"
The Reserve Bank of India (RBI) has imposed a fine of Rs 21 lakh on PhonePe for not complying with the rules of prepaid payment instruments (PPIs). A PPI is a prepaid instrument where bank customers load funds first and spend from that balance instead of directly accessing their bank account. The penalty, which was issued recently, follows a statutory inspection of the Walmart-owned digital payments firm’s operations from October 2023 to December 2024. According to the RBI, PhonePe’s end-of-day balance in its escrow account on some days was lower than the value of outstanding PPIs and payments owed to […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[87,4,11],"tags":[],"class_list":["post-961792","post","type-post","status-publish","format-standard","hentry","category-it-2-the-times-of-india","category-newspapers","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/961792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=961792"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/961792\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=961792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=961792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=961792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}