The Reserve Bank of India has imposed a monetary penalty of Rs 80,000 on Ebix Payment Services Private Limited for non-compliance with its ‘Know Your Customer’ (KYC) guidelines.

The penalty, ordered on April 17, 2026, has been levied under the provisions of the Payment and Settlement Systems Act, 2007. It follows an RBI inspection covering the period from June 2024 to May 2025.

Based on supervisory findings, the company was issued a notice to explain its lapses. After reviewing its response, the RBI concluded that the company had failed to carry out proper risk categorisation of its customers—an essential KYC requirement.

The central bank clarified that the penalty is strictly for regulatory non-compliance and does not impact the validity of any customer transactions or agreements. It also noted that this action is without prejudice to any further measures that may be taken against the company.