Why RBI Imposed Rs 5 Lakh Fine On Oxigen Services?

India’s Central Bank RBI has imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services.

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Why RBI Imposed Rs 5 Lakh Fine On Oxigen Services?

India’s Central Bank RBI (Reserve Bank Of India) on 7th November imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services.

The fine arises through a speaking order dated 17 September, 2019.

Why RBI Imposed Rs 5 Lakh Fine On Oxigen Services?

According to the RBI’s statement,  the decision has been taken in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, for non-compliance of regulatory guidelines.

Oxigen Services is a Fintech company, and known as is one of the major payment solutions providers in India.

It is involved in micropayment of services and remittances in real time.

In June 2016, the company was reported that the transaction volume rate of Oxigen was 600 million transactions per annum with a customer base of more than 150 million.

The company appointed cricketer Sachin Tendulkar as its brand ambassador. Oxigen sponsors the Twenty20 squads of South Africa national cricket team and New Zealand national cricket team along with Indian Premier League’s Gujarat Lions franchisee.