RBI imposes Rs 3.06 crore fine on Amazon Pay (India) for violation of norms
Amazon Pay is the digital payment arm of e-commerce giant Amazon
The Reserve Bank of India, on Friday, said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
The RBI had issued a notice to Amazon Pay (India) advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.
The central bank, however, added the penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the Amazon Pay (India) with its customers.
Amazon Pay is the digital payment arm of e-commerce giant Amazon.