Tag: PhonePe
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PhonePe Faces ₹21 Lakh Fine from RBI: Reasons Explained
Introduction In a significant development within the financial technology sector, PhonePe, a leading digital payment platform in India, has been slapped with a fine of ₹21 lakh by the Reserve Bank of India (RBI). This penalty raises questions about compliance in the rapidly evolving payment landscape. Background of PhonePe Founded in 2015, PhonePe operates as…
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PhonePe Faces ₹21 Lakh Fine from RBI: Understanding the Reasons
Introduction In a significant move, the Reserve Bank of India (RBI) has imposed a fine of ₹21 lakh on PhonePe Limited, one of India’s leading digital payment firms. This action raises important questions about compliance and regulatory practices within the fast-evolving financial technology sector. What Led to the Fine? The monetary penalty was primarily imposed…
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PhonePe Fined ₹21 Lakhs by RBI: Here’s Why
Introduction The Indian Reserve Bank (RBI) has recently imposed a hefty fine of ₹21 lakhs on PhonePe, a prominent digital payment platform. This decision has raised eyebrows in the fintech industry and among users. Understanding the reasons behind this penalty is crucial for those invested in digital financial services. What Led to the Fine? PhonePe…