Amazon Pay: The Reserve Bank of India (RBI) on Friday imposed a penalty of Rs 3.06 crore on Amazon pay. As per RBI, Amazon Pay (India) Private Limited was non-compliant with certain rules and regulations related to prepaid payment instruments (PPIs) and Know your Customer (KYC).
Amazon pay is the digital payment facility of the world’s biggest e-commerce company Amazon.
“The Reserve bank of India (RBI) has imposed a monetary penalty of Rs 3,06,66,000 on Amazon Pay (India) Private Limited for non-compliance with certain norms of the master Directions on prepaid payment instruments (PPIs) dated August 27, 2021, and Know Your Customer (KYC) Direction, 2016 dated February 25, 2016,” the RBI said in a release.
RBI imposes Rs 3.06 crore penalty on Amazon Pay (India) for non-compliance with certain norms. #RBI #Amazon pic.twitter.com/dzg6ttDMBn
— Ravi Prakash Kumar (@RaviPksThakur) March 3, 2023
In a statement Reserve bank of India said, ” The penalty has been imposed in the exercise of powers vested in RBI under section 30 of the payment and settlement system act, 2007″.
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