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    Question

    What monetary penalty did the RBI impose on PhonePe

    Limited for non-compliance with PPI guidelines?┬а
    A тВ╣15 lakh Correct Answer Incorrect Answer
    B тВ╣18 lakh Correct Answer Incorrect Answer
    C тВ╣21 lakh Correct Answer Incorrect Answer
    D тВ╣25 lakh Correct Answer Incorrect Answer
    E тВ╣30 lakh Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India imposed a monetary penalty of тВ╣21 lakh on PhonePe Limited (formerly PhonePe Pvt Ltd) due to non-compliance with directions related to Prepaid Payment Instruments (PPIs). The issue stemmed from a shortfall in the companyтАЩs escrow account which was not promptly reported to RBI. This penalty highlights RBIтАЩs strict regulatory framework for payment systems.┬а

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