The Reserve Bank of India has ordered digital payments firm MobiKwik to probe allegations that data of its 11 crore users was breached, and warned the company it will face fines if lapses are found, a source with direct knowledge of the situation told Reuters.
MobiKwik, which is backed by Sequoia Capital and Bajaj Finance, has faced growing criticism this week for denying a leak many customers and digital rights activists say is linked to the company’s database.
The Reserve Bank of India (RBI) was “not happy” with the company’s initial response and has asked it to act immediately, said the source, who declined to be named as the discussion with the company was private.
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