The Reserve Bank has slapped a fine of Rs 25 lakh on two online payment solutions providers Mobikwik Systems and Hip Bar.
Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.
These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.
About MobiKwik :
MobiKwik is an Indian company founded in 2009 that provides a mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payments.
CEO: Bipin Preet Singh (1 Aug 2009–)
Headquarters location: Gurugram
Founders: Bipin Preet Singh, Upasana Taku
Type of business: Privately held company
About HipBar :
HipBar is a mobile wallet and India’s first digital currency exclusively meant for transacting adult beverages. The HipBar ecosystem serves as an age-verified platform, and a responsible marketplace.
HipBar is founded by Chennai-based entrepreneur Prasanna Natarajan. He previously founded Sipping Spirits, India’s first boutique spirit bottling company in 2007, quietly carving a niche in the Indian alco-bev space.
HipBar aims to position itself as the go-to platform for consumers and adult beverage brands to connect in India.
Launched about four months ago in Bengaluru, the app has received quite an encouraging response. In Bengaluru, HipBar has tied-up with 60 brands and over 50 restaurants.
About Reserve bank of India :
The Reserve Bank of India is India’s central banking institution which controls the issuance and supply of the Indian rupee. The Monetary Policy Committee established in 2016, it also controlled monetary policy in India.
Governor: Shaktikanta Das