RBI fined five companies including transaction analysts nine crores

The Reserve Bank of India (RBI) has imposed a fine of Rs 9 crore on five companies, including Transaction Analysts India Pvt Ltd, for violating prescribed provisions. In the order issued by the RBI, it has been said that the investigation found that Transaction Analysts India Private Limited has violated the provisions prescribed for account balance, certain transaction limits and KYC (Know Your Customer). A fine of Rs 3 crore has been imposed on this company for not receiving a satisfactory reply to the clarification.

Similarly, four white label ATM operators were found to have failed to comply with the provisions relating to setting up of ATMs (Automated Trailer Machines) and handling of cash in them, the Reserve Bank said. After this, a fine of Rs 2 crore each has been imposed on BTI Payments Pvt Ltd and Hitachi Payment Services Pvt Ltd and Rs 1 crore each on Tata Communications Payment Solutions Ltd and Vacancy Ltd.