RBI fines Pine Labs 3.1L for KYC lapses on PPIs
Pine Labs just got hit with a ₹3.1 lakh fine from the Reserve Bank of India (RBI) for not following proper Know Your Customer (KYC) rules while issuing prepaid payment instruments.
After a statutory inspection (July 2024-May 2025) and an RBI order dated March 23, 2026, the regulator found that Pine Labs was letting users sign up without full verification.
The central bank made it clear this penalty doesn't affect customers' transactions, but it's a reminder that KYC rules are serious business.
Pine Labs faces 37.33cr GST demand
That's not all for Pine Labs: they're also dealing with a big tax demand of ₹37.33 crore from the Goods and Services Tax (GST) department, related to an older case.
Even with these financial bumps, the company managed to post a net profit of ₹42.4 crore in Q3 FY26, their second profitable quarter in a row.
Still, investors seem worried: Pine Labs shares dropped 3% on the National Stock Exchange (NSE) today.