The Reserve Bank of India (RBI) has levied a monetary penalty of Rs54.93 lakh on Appnit Technologies Private Limited (ATPL) for committing offences under the Payment and Settlement Systems Act, 2007 (PSS Act).
The penalties have been imposed in the exercise of powers vested in RBI under the provisions of Section 30 of the PSS Act.
These actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.
RBI said, "ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement."
After reviewing their written responses and oral submissions made during the personal hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted the imposition of monetary penalty.
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