Reserve Bank of India
RBI imposed a penalty of over Rs 3.06 crore on Amazon Pay the digital payment arm of e-commerce giant Amazon on Friday.
It is for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
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The Reserve Bank of India had issued a notice to Amazon Pay advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions.
According to the statement, “It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements”.
“After considering the entity’s response, Reserve Bank of India concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,” the RBI said in a statement.
Further, the central bank of India stated the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by Amazon Pay (India) with its customers.
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