RBI fines MobiKwik ₹9 lakh over PPI transfer and fraud reporting lapses
The Reserve Bank of India (RBI) has imposed a penalty of ₹9 lakh on fintech firm MobiKwik for not complying with its directions on prepaid payment instruments (PPIs) and fraud reporting.
According to the RBI, MobiKwik allowed certain PPI holders to transfer funds to non-pre-registered beneficiaries beyond the prescribed limit. The company also failed to report certain frauds within the prescribed timeline, the regulator said.
The penalty was imposed by an order dated November 6 under the Payment and Settlement Systems Act, 2007.
The action follows a statutory inspection of MobiKwik's operations between June 2025 and March 2026.
Based on its supervisory findings, the RBI issued a show-cause notice to the company. After considering its reply, additional submissions and oral submissions made at a personal hearing, the regulator found both charges sustained.
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