RBI Fines PhonePe ₹21 Lakh For PPI Rule Violation

The Reserve Bank of India (RBI) has imposed a ₹21 lakh penalty on PhonePe for non-compliance with prepaid payment instrument (PPI) regulations. The action followed a review of transactions from October 2023 to December 2024, where the RBI found that the escrow account balance was lower than the outstanding value of PPIs issued.