RBI imposed Rs 25 lakh fine on Mobiwik & Hip Bar for violating regulatory guidelines
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The Reserve Bank of India has imposed a total of Rs 25 lakh fine on 2 online payment solution providers - One Mobiwik and Hip Bar for violating regulatory guidelines. One Mobiwik Systems Pvt Ltd faces a fine of Rs 15 lakh while Hip Bar Pvt Ltd faces a fine of Rs 10.85 lakh. Both the firms, prepaid payment instrument issuers, have been slapped fines because of non-compliance of regulatory guidelines.