Vakrangee Limited has been fined Rs1.76 crore by the Reserve Bank of India (RBI) for failing to comply with the requirements of the White Label ATM (WLA) guidelines.
The fine has been issued due to a failure to meet the targets for the ATM rollout.
"The fine was issued in accordance with the authority granted to the RBI by Section 30 of the 2007 Payment and Settlement Systems Act (PSS Act). This action is based on regulatory compliance shortcomings and is not meant to rule on the legality of any deal or arrangement the entity has with its clients, "RBI stated in a statement.
The entity received a notice instructing it to provide justification as to why a penalty shouldn't be applied.
Following consideration of Vakrangee's response, the RBI levied the fine. The RBI came to the conclusion that the aforementioned charge of failing to follow RBI instructions was true and called for the imposition of a financial penalty.
The regulator has fined The Jammu and Kashmir State Co-operative Bank Ltd. Rs30 lakh, The Pratap Co-operative Ltd. of Mumbai Rs6 lakh, and LIC Housing Finance and The Mysore Merchants Co-operative Bank Ltd. each Rs5 lakh.
A charge of Rs4 lakh was imposed on The Nagar Sahakari Bank Ltd in Maharajganj, Uttar Pradesh, while fines of Rs2 lakh each were imposed on The City Co-operative Bank Ltd in Karnataka and Banda Urban Co-operative Bank Ltd in Uttar Pradesh.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.