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.
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