RBI imposes penalties on TCPSL, ATPL

| | Mumbai
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RBI imposes penalties on TCPSL, ATPL

Thursday, 25 November 2021 | PTI | Mumbai

The Reserve Bank has imposed penalties on Tata Communications Payment Solutions Limited (TCPSL) and Appnit Technologies Private Limited (ATPL) for deficiencies in regulatory compliance.  A penalty of Rs 2 crore has been imposed on TCPSL and Rs 54.93 lakh on ATPL, the central bank said in a statement on Wednesday.

“It was observed that TCPSL was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement. ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement,” it said. The RBI had issued notice to these two authorised Payment System Operators (PSOs).After reviewing their written responses and oral submissions made during the personal hearing, the RBI concluded that the charges of non-compliance with certain directions were substantiated and warranted the imposition of monetary penalty. The central bank, however, added that the penalties 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.

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