The Reserve Bank of India (RBI) on Tuesday said it has imposed a penalty on prepaid payment instrument (PPI) issuer Yes Bank for non-compliance with regulatory norms.

A penalty of Rs 11.25 lakh has been imposed on the bank, according to an RBI release.

The penalty was imposed on Yes Bank through speaking orders dated April 22, 2019, according to the release. The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned.