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The Reserve Bank of India (RBI) has imposed crores of rupees of fine on five mobile wallet companies including Vodafone M-Money, PhonePay. Let us explain that this penalty has been imposed on the central bank not to follow the rules correctly.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">BREAKING: Vodafone fined £4.6m by <a href="https://twitter.com/Ofcom?ref_src=twsrc%5Etfw">@Ofcom</a> for a series of customer failings. Poor handling of complaints and mishandling of PayNGo contracts</p>— Joe Tidy (@joetidy) <a href="https://twitter.com/joetidy/status/791158809402150912?ref_src=twsrc%5Etfw">October 26, 2016</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
RBI has imposed a penalty of Rs 3.05 crore on Vodafone M-Money. Apart from this, one crore rupees have been levied on Flipkart owned phone payment app. And Rs 5 lakh on Y-Cash Software Solutions.

Vodafone spokesman says this is an old case, about which we told our situation in front of the RBI. However, we have deposited the said amount after the central bank’s instructions. We will continue to do our business according to the rules set out.

The central bank has said in a separate statement that it has imposed a fine of Rs 29 lakh 66 thousand on Western Union Financial Services and 10 lakh 11 thousand 653 rupees on MoneyGram Payment System on two US companies.

It has said that if any company does not follow the rules set by him, then such fines will be imposed on them. The Bank will continue to take such actions from time to time.

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