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SUMMARY
The Reserve Bank of India (RBI) has imposed a monetary penalty of INR 21 Lakh on IPO-bound PhonePe Limited for violating norms related to Prepaid Payment Instruments (PPIs)
In a separate statement, the central bank notified that fintech surrendered its NBFC license on August 29. This is after PhonePe surrendered its NBFC-AA licence to the RBI earlier this year, and initiated the wind down of its AA operations
Notably, the company is expected to pre-file its IPO papers later this month, aiming to raise between $1.2 Bn and $1.5 Bn…
