New Delhi: The Reserve Bank of India (RBI) has imposed a fine of crores of rupees on 4 companies operating ATM in the country in a major crackdown. This includes Tata Communications Payment Solutions, a payments company in the Tata group. A payment system operator company has been fined Rs 3 crore for not complying with the rules.
At the same time, RBI has also imposed a penalty of Rs 3 crore on payment system operator company Transaction Analysts (India) under the same rule. The company has been fined for not following regulatory rules relating to balance, KYC and fixed transaction limits in the escrow account. The company allows millions of people to make payments based on Aadhar numbers without an account and phone.
The 4 companies that RBI has imposed penalties on atm operating across the country include the names of Hitachi Payment Services, Vakrangee, and BTI Payments in addition to The Tata Communications Payment Solutions. All these companies have not complied with the RBI rules relating to the installation of ATM machines and maintenance of networth, so they have been fined crores of rupees.