Spice Money controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
Reserve Bank monetary penalty for non-compliance
In December 2021, the Reserve Bank of India imposed a monetary penalty of ₹1 crore on Spice Money for non-compliance with applicable regulatory norms. The supplied reference does not specify the individual provisions involved or describe later remedial measures.
2021
RBI fines Spice Money
Fine or penalty
In September 2021, the Reserve Bank of India fined Spice Money ₹2.44 lakh. The penalty was imposed for contravention of or non-compliance with provisions in the central bank's directions on prepaid payment instruments. The RBI announced the action in a press release, stating that the fine related to regulatory requirements governing such instruments.
The RBI fined Spice Money ₹2.44 lakh for contravention of or non-compliance with provisions in its directions on prepaid payment instruments.
Source excerpt
In a separate order, the RBI fined Spice Money 2.44 lakh for contravention of / non-compliance with certain provisions of the directions issued by RBI contained in the Master Direction on Issuance and Operation of PPIs in India.
2021
RBI fines One Mobikwik Systems and Spice Money
Fine or penalty
The Reserve Bank of India said it imposed a penalty of ₹1 crore each on One Mobikwik Systems Private Ltd. and Spice Money Ltd. for deficiencies in regulatory compliance, citing non-compliance with directions on net-worth requirements for Bharat Bill Payment Operating Units.
Source excerpt
Giving details, the central bank said it observed that the two entities had not complied with the directions issued by the Reserve Bank on net-worth requirement for Bharat Bill Payment Operating Units (BBPOUs).
The Reserve Bank of India (RBI) on Thursday said it had imposed a penalty of ₹1 crore each on payment system operators One Mobikwik Systems Private Ltd. and Spice Money Ltd. for deficiencies in regulatory compliance.