Pine Labs RBI Penalty ₹3.1 Lakh KYC Violation

RBI imposed a monetary penalty of ₹3,10,000 on Pine Labs Ltd for KYC non-compliance in PPI issuance.
The violation involved issuance of Full-KYC Prepaid Payment Instruments without completing KYC verification of holders.
Pine Labs disclosed no material financial or operational impact from the RBI order dated March 23, 2026.