Document title: Reserve Bank of India imposes monetary penalty on One Mobikwik Systems Limited
Issuing authority: Reserve Bank of India
Reference number: Press Release 2026-2027/1496
Date: November 13, 2026
Regulatory and policy measures
The Reserve Bank of India, by an order dated November 06, 2026, imposed a monetary penalty of ₹9.00 lakh (Rupees Nine Lakh only) on One Mobikwik Systems Limited for non‑compliance with RBI directions relating to Prepaid Payment Instruments (PPIs) and fraud reporting. The penalty is imposed under the powers conferred by section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007.
A statutory inspection of the company’s operations for the period June 2025 to March 2026 was conducted. The inspection identified two principal breaches: (i) the company permitted fund transfers by certain PPI holders to non‑preregistered beneficiaries beyond the prescribed limit, and (ii) it failed to report certain fraud incidents within the timeline prescribed by RBI. Following the inspection, a notice was issued to the company requiring it to show cause why a penalty should not be imposed. After considering the company’s written reply, additional submissions, and oral arguments presented during a personal hearing, the RBI sustained the charges and imposed the monetary penalty.
The RBI clarified that the action is based solely on deficiencies in regulatory compliance and does not adjudicate the validity of any transaction or agreement between the company and its customers. The imposition of the penalty is without prejudice to any further action the RBI may initiate against the company.
The press release is signed by the Chief General Manager, Brij Raj.