RBI has actually imposed charge on two entities over non-compliance of regulationsReserve Bank of India (RBI) has imposed charge on Tata Communications Payment Solutions and Appnit Technologies for non-compliance with particular regulations.In a statement, the reserve bank said that a charge of Rs 2 crore on Tata Communications Payment Solutions and Rs 54.93 lakh on Appnit has been imposed.Tata Communications Payment Solutions is a wholly-owned subsidiary of Tata Communications Limited.Action was taken against the two entities due to deficiencies noticed in their regulatory compliance and are not meant to pronounce upon the validity of any deal or arrangement participated in by them with their customers, the RBI said.Tata Communications Payment Solutions was discovered to be non-compliant with the instructions issued by RBI on White Label ATM release targets and net-worth requirement, the statement said.
After examining their written responses and oral submissions made throughout the individual hearing, RBI concluded that the aforesaid charges of non-compliance with RBI directions were corroborated and necessitated the imposition of monetary charge, the RBI said.