RBI put Rs 5 lakh Penalty on Oxigen Services

Published on November 08, 2019
Current context: The Reserve Bank of India (RBI) has imposed a fine of Rs 5 lakh on prepaid payment instrument Oxigen Services (India) Private Limited.
RBI put Rs 5 lakh Penalty on Oxigen Services 
  • The penalty has been imposed for non-compliance of RBI’s regulatory guidelines. However, it didn’t mention the exact area it failed to comply with.
  • The move was taken in exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007.
  • The fine comes through a speaking order dated 17th September 2019.
  • Oxigen Services is a Prepaid Payment Instrument (PPI) issuer and facilitates payment processing and money transfer services.
  • PPIs are instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc., against the value stored on such instruments.


Q.1 Choose the correct statement about Prepaid Payment Instrument (PPIs)? 
1. PPIs facilitate purchase of goods
2. PPIs facilitate purchase of Services 

a. Only 1
b. Only 2
c. Both 1 and 2
d. None of the above

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