Mumbai, The Reserve Bank on Monday slapped a Rs 3.1 lakh penalty on the payment aggregator Cashfree Payments India Private Ltd for non-compliance with its directions.
The RBI found that Cashfree made certain “impermissible debit” from an escrow account, an official statement said.
The penalty has been slapped through an order dated March 9, the central bank said.
The action has been initiated following a statutory inspection for the company with reference to its operations between April 2024 and June 2025, the RBI said.
The RBI had first issued a notice to Cashfree and the monetary penalty was imposed after the charges were sustained, it said.
“This action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers,” the RBI added.
Cashfree has been found to be in non-compliance with certain directions issued by RBI on ‘Guidelines on Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs)’ and the penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 30(1) read with section 26(6) of the Payment and Settlement Systems Act, 2007. PTI
