The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 9 lakh on One Mobikwik Systems Limited for non-compliance with its directions on Prepaid Payment Instruments (PPIs) and fraud reporting, the central bank said in a press release on Friday, November 13. The penalty was imposed by an order dated November 6, 2026, under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.

Source: Reserve Bank of India press release 2026-2027/1496 via Live Law

The RBI said a statutory inspection of the company, covering its operations from June 2025 to March 2026, found two lapses: the company had allowed fund transfers by certain PPI holders to non-pre-registered beneficiaries beyond the prescribed limit, and it had failed to report certain frauds within the prescribed timeline. The central bank issued a show-cause notice before passing the order.

Rs 9 lakhPenalty on One Mobikwik Systems
Nov 6, 2026Date of RBI order
June 2025 – March 2026Inspection period

The RBI clarified that the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. It added that imposing the penalty does not preclude further action against the company if necessary.

Source: Reserve Bank of India via Telecom Live

One Mobikwik Systems operates the Mobikwik digital wallet and payments platform. The RBI regularly publishes monetary penalties on regulated firms after supervisory inspections; the amounts and findings in each case are set out in the central bank's press releases.