Issued 20 February 2018 and published in Official Gazette 1232 on 25 February 2018. Requires a licence for payment-system activity (Art. 5), regulates electronic money issuers (Arts. 39-42), makes settled transfers final (Arts. 43-50) and sets criminal penalties and administrative fines of up to OMR 20,000 (Arts. 55-69).
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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