Online Payments

Mobikwik, Payment Startup Hip Bar Slapped with ₹15 and ₹10.8 Lakh Fine for Violating Norms

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The Reserve Bank has imposed a total penalty of around Rs 26 lakh on two online payment solutions providers One Mobikwik Systems, the parent of payment wallet Mobikwik and Hip Bar, a payment tech startup that counts Bengaluru-headquartered alcoholic beverages company, United Spirits Ltd (USL), as its investor.

One Mobikwik Systems Private Limited has been slapped a fine of Rs 15 lakh while Hip Bar Pvt Ltd faced a fine of Rs 10.85 lakh, according to an RBI release.

These two prepaid payment instrument (PPI) issuers have been levied monetary penalty for non-compliance of regulatory guidelines, the release said.

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To recall, in June last year United Spirits Ltd, which is the flagship liquor arm of Diageo India, has invested Rs 27 crore to pick 26% stake in Hip Bar Private Ltd.

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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