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The Reserve Bank of India (RBI) has, by an order dated April 17, 2026, imposed a monetary penalty of ₹80,000/- (Rupees Eighty Thousand only) on Ebix Payment Services Private Limited (the company), for non-compliance with certain directions issued by RBI on ‘Know Your Customer’. This penalty has been imposed in exercise of powers conferred on RBI under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007. The statutory inspection of the company was conducted by RBI for the reference period June 2024 to May 2025. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty: The company had failed to carry out risk categorisation of its customers. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered by the company with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the company. (Brij Raj) Press Release: 2026-2027/130 |
