RBI Imposes ₹9 Lakh Penalty On One Mobikwik Systems For PPI Non-Compliance, Delayed Fraud Reporting

The Reserve Bank of India has imposed a monetary penalty of ₹9 lakh on One Mobikwik Systems Limited for non-compliance with its directions governing Prepaid Payment Instruments (PPIs) and fraud reporting.

The RBI's statutory inspection, covering the company's operations between June 2025 and March 2026, revealed that Mobikwik had permitted certain PPI holders to transfer funds to non-pre-registered beneficiaries beyond the prescribed limit. The company had also failed to report certain frauds within the stipulated timeline.

Following the inspection, the RBI issued a show-cause notice to the company. After considering its response, additional submissions and oral arguments during a personal hearing, the top bank concluded that the violations warranted a monetary penalty.

“The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.” it clarified