RBIFor: Everyone
RBI fines Mobikwik Rs 9 lakh over PPI wallet and fraud reporting lapses
RBI imposed a Rs 9.00 lakh penalty on One Mobikwik Systems Limited by order dated November 06, 2026. Customer transactions and agreements stay valid, but wallet transfer limits and fraud reporting are under scrutiny.
Summary by TaxSavvy. Read the official notice.
Read the official notice (opens RBI press releases in a new tab)In short: FPAC
- Facts
- RBI, by order dated November 06, 2026, imposed a monetary penalty of Rs 9.00 lakh on One Mobikwik Systems Limited for non-compliance with directions on Prepaid Payment Instruments (PPIs) and Fraud reporting.
- Provisions and law
- Penalty imposed under section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007, following statutory inspection for operations from June 2025 to March 2026.
- Analysis
- Charges sustained: fund transfers by certain PPI holders to non-pre-registered beneficiaries beyond the prescribed limit, and failure to report certain frauds within the prescribed timeline.
- Conclusion
- RBI says the action is on regulatory compliance deficiencies only and does not affect the validity of any customer transaction or agreement.
What to do
- InformationCheck your wallet balance, transaction history and any pending transfers to non-registered beneficiaries.
- DiscussionIf you have an unresolved fraud or disputed debit on the wallet, decide whether to escalate to the company grievance officer and then the RBI Ombudsman.
Steps follow IDFD: Information, Discussion, Forms, Deliverables.
A Savvy can do this for you
Talk to a CA, 15 minutes
₹499 · 15-minute call
See the serviceOfficial source: RBI press releases, “Reserve Bank of India imposes monetary penalty on One Mobikwik Systems Limited”. This summary is general information, not advice for your case. The official notice is the final word.