New Delhi, PTI. The Reserve Bank of India (RBI) has imposed heavy fines on two companies setting up ATMs for negligence. Tata Communications Payment Solutions Limited (TCPSL) and Apnit Technologies Private Limited (ATPL) have been fined for non-compliance of regulatory norms. In a statement, RBI gave information about imposing penalty on both these companies. Accordingly, it has imposed a fine of Rs 2 crore on TCPSL and Rs 54.93 lakh on ATPL.

Along with this, due to the deteriorating financial condition of Malkapur Urban Co-Op Bank in Maharashtra, many restrictions have been imposed on it including withdrawal limit. The Reserve Bank said that now customers of Malkapur Urban Cooperative Bank can withdraw only Rs 10,000 from all their accounts.

Did not follow instructions on installation of white label ATM and net worth

The central bank said that it has been found that TCPSL did not comply with the instructions regarding installation of white label ATMs and net worth. At the same time, ATPL did not comply with the provisions regarding balance and net worth in escrow accounts.

Notices were also sent to both the companies.

RBI had also sent notices to these two companies that installed PSO machines for payment at commercial establishments. After reviewing the reply received from him, the central bank has decided to impose a penalty on him.

rules not followed

RBI said that the reason for imposing penalty on both these PSO providers is due to non-compliance of rules and it has nothing to do with the validity of the transactions done with their customers.

Mulamuttil Financiers Limited also fined Rs 20 lakh

In another statement, RBI has also informed about imposing a fine of Rs 20 lakh on Kerala-based company Mulamuttil Financiers Limited. He has been found guilty of non-compliance with the norms for classification of non-performing assets.

Edited By: Ashish Deep