RBI imposes Rs 3.06 Crore penalty on Amazon Pay (India)

Tags: Economy/Finance National News

Reserve Bank of India has imposed a penalty of Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance of certain directions related to Prepaid Payment Instruments and Know Your Customer.

An overview of the news

• The penalty has been imposed in exercise of powers vested in RBI under section 30 of the Payment and Settlement Systems Act, 2007.

• It was found that Amazon Pay (India) was not complying with the directions issued by RBI on KYC requirements.

• Accordingly, notice was issued to the unit advising it to show cause why penalty should not be imposed for non-compliance of the directions.

• Amazon Pay (India) Pvt Ltd is the online payments service owned by US-based Amazon.