Under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI is empowered to impose a penalty on a payment system provider for contravention of any provision of the Act. What is the maximum penalty?

Section 30 of the Payment and Settlement Systems Act, 2007 empowers the RBI to impose a penalty of up to ₹10 lakh or twice the amount involved in the contravention, whichever is higher, on any payment system provider or system participant who contravenes any provision of the Act, rules, or regulations. This penalty is in addition to any other penalty prescribed elsewhere under the Act. Additionally, for continuing contraventions, a further penalty of up to ₹25,000 per day may be imposed for each day the contravention continues after the first.