INSUBCONTINENT EXCLUSIVE:
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.
