RBI fines Vodafone m-pesa ₹3 cr, Flipkart's PhonePe ₹1 cr

Reserve Bank of India has imposed an around ₹3-crore fine on Vodafone's m-pesa and a ₹1-crore fine each on Flipkart's payment arm PhonePe alongside two Prepaid Payment Instrument (PPI) issuers over "non-compliance of regulatory guidelines". Bengaluru-based Y-Cash Software Solutions was also fined ₹5 lakh. The five PPI issuers had violated Section 30 of the Payment and Settlement Systems Act, 2007.