The Reserve Bank of India (RBI) has slapped a fine of Rs 1 crore each on two payment system operators - One Mobikwik Systems Private Limited and Spice Money Limited - for deficiencies in regulatory compliance.

The central bank said both the payment operators had not complied with the directions issued by it on net worth requirement for Bharat Bill Payment Operating Units (BBPOUs).

Notices were issued to the entities as these were offences of the nature referred to in a Section of the Payment and Settlement Systems Act, 2007.

"After reviewing their written responses and the oral submissions made during the personal hearing, the RBI concluded that the aforesaid charges of non-compliance with the RBI directions were substantiated and warranted imposition of monetary penalty," it said.

The RBI, however, added that the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.