PhonePe Faces RBI Fine for PPI Rule Breach Amidst IPO Preparations

RBI fined PhonePe ₹21 lakh for non-compliance with PPI regulations, citing escrow balance shortfalls and failure to report them after an inspection (Oct 2023–Dec 2024). The penalty, under the Payment and Settlement Systems Act, comes as Walmart-owned PhonePe readies its IPO with Kotak, JPMorgan, Citi, and Morgan Stanley. PhonePe’s FY24 net loss fell 29%, while revenue surged 74%.