Reserve Bank of India: It was told by the Reserve Bank of India that it has imposed a fine of more than Rs 3.06 crore on Amazon Pay (India) Private Limited.
Penalty on Amazon Pay: It was told by the Reserve Bank of India (RBI) that it has imposed a fine of more than Rs 3.06 crore on Amazon Pay (India) Private Limited. The penalty has been imposed for non-compliance of Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) norms. RBI said in a statement, ‘It was found that the institution was not complying with the directions of RBI on KYC requirements.’
Show cause notice issued
RBI has issued a show cause notice to Amazon Pay (India). In this notice, it was asked why he should not be fined for not following the instructions. After this, after considering the reply of the company, RBI came to the conclusion that the allegations of non-compliance of its directions are correct. In such a situation, monetary penalty was imposed on him.
The central bank, however, said that the penalty has been imposed due to deficiencies in regulatory compliance and is not intended to comment on the validity of any transaction or agreement entered into by Amazon Pay (India) with its customers. Amazon Pay is the digital payments arm of e-commerce giant Amazon.
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