Mumbai, March 16 The Reserve Bank on Monday imposed a penalty of Rs 3.1 lakh on the payment aggregator Cashfree Payments India Private Ltd for non-compliance with its directions.
The RBI found that Cashfree made certain "unauthorized deductions" from an escrow account, according to an official statement.
The penalty was imposed through an order dated March 9, the central bank said.
The action was initiated following a statutory inspection of 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 substantiated, it said.
"This action is based on deficiencies in compliance with statutory and regulatory requirements, and is not intended to comment on 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 the RBI on 'Guidelines on the Regulation of Payment Aggregators (PAs) and Payment Gateways (PGs)', and the penalty has been imposed in exercise of the powers conferred on the RBI under sections 30(1) and 26(6) of the Payment and Settlement Systems Act, 2007.