Q. Which payment operators were recently penalized by the RBI under Section 26(6) of the Payment and Settlement Systems Act, 2007 (PSSAct)?"
Answer:
Both (a) and (b)
Notes: Recently ,Reserve Bank of India (RBI) has imposed monetary penalties on two payment system operators, One Mobikwik Systems Private Limited and Spice Money Limited, for violation of norms. Both the payment companies have been slapped with a fine of Rs 1 crore, as per the order issued by the central bank.