1. RBI Fines Pine Labs ₹3.1 Lakh for Issuing Full-KYC PPIs Without Proper Verification
The Reserve Bank of India has imposed a monetary penalty on fintech giant Pine Labs, citing a critical failure in its core compliance obligations. The central bank found the company in violation of prepaid payment instrument (PPI) norms by issuing full-KYC PPIs without completing the mandatory know your customer (KYC) ...