RBI Imposes Penalty of Rs 3.06 Crores on Amazon Pay India

BUSINESS

Amazon Pay (India) Pvt. has been penalized Rs 3.06 crore by the Reserve Bank of India (RBI). Ltd, Amazon’s online payment processing service, for violating the Know Your Customer (KYC) guidelines and provisions regarding Prepaid Payment Instruments (PPIs).

In accordance with RBI’s authority granted by Section 30 of the Payment and Settlement Systems Act of 2007, the penalty was imposed. According to RBI, this action is based on regulatory compliance issues and is not meant to declare the validity of any agreement or transaction between the company and its customers.

The entity was found to be in violation of the RBI’s instructions regarding KYC requirements. According to RBI, a notice instructing the company to provide justification as to why a penalty should not be imposed for non-compliance with the directions was sent to it as a result.

The RBI concluded that the mentioned charge of non-compliance with the RBI’s directions was supported and deserved monetary punishment after considering the company’s response. However, the RBI withheld specifics regarding the violations.

READ  LifeArc and UK DRI Partnered to Accelerate New Development Treatments for Dementia