India central bank fines payment firms One Mobikwik Systems, Spice Money

The Reserve Bank of India fined One Mobikwik Systems Ltd. and Spice Money Ltd. 10 million rupees each for offenses under the country's Payment and Settlement Systems Act.

The central bank said Dec. 23 the two payment system operators had not complied with its directions on the net worth requirement for Bharat Bill Payment Operating Units, or entities authorized to handle payments under the the country's integrated bill payment system, Bharat BillPay.

As of Dec. 23, US$1 was equivalent to 75.08 Indian rupees.