The Reserve Bank of India (RBI) has imposed monetary penalty of ₹30,50,000 (Rupees thirty lakh fifty thousand only) on Paul Merchants Finance Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021). The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. This ac