Pine Labs Limited Receives Penalty from Reserve Bank of India
Mumbai – March 27, 2026 – Pine Labs Limited announced today that it has received an order from the Reserve Bank of India (RBI) imposing a monetary penalty.The RBI order, dated March 23, 2026, levies a penalty of Rs. 3,10,000 (Rupees Three Lakh Ten Thousand only) under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007.
According to the RBI, the penalty stems from supervisory findings related to the issuance of Full-KYC Prepaid Payment Instruments. The findings indicate that Pine Labs issued these instruments without completing the Know Your Customer (KYC) verification of the respective instrument holders.
Pine Labs Limited stated that the order is not expected to have a material impact on the company's financial, operational, or other activities.
Details of the RBI Order
| Particulars | Information |
|---|---|
| Authority | Reserve Bank of India (RBI) |
| Action | Imposition of penalty of Rs. 3,10,000 under Section 30(1) read with Section 26(6) of the Payment and Settlement Systems Act, 2007 |
| Date of Receipt | March 27, 2026 |
| Violation | Issuance of Full-KYC Prepaid Payment Instruments without completing Know Your Customer (KYC) verification |
| Impact | No material impact on financials, operations or other activities |
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