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Hip BarMobikwikOnline PaymentsRBI

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

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.

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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