Reetu | Mar 4, 2023 |
RBI imposed Rs.3 crore Monetary Penalty on Amazon Pay India; Check Reason Why So?
The Reserve Bank of India (RBI) has imposed Rs.3.06 crore monetary penalty on Amazon Pay (India) Private Ltd for non-compliance with certain provisions of its master directions relating to prepaid payment instruments and know your customer (KYC).
The central bank stated in a statement that Amazon Pay (India) was not following its KYC standards.
According to the RBI, a notice was given to the company urging it to show cause why a penalty should not be levied for noncompliance with the orders.
“After evaluating the entity’s response, the RBI found that the aforementioned charge of non-compliance with RBI orders was proven and warranted imposition of monetary penalty,” according to the RBI statement.
The RBI stated that the penalty was issued in the execution of its powers under the Payment and Settlement Systems Act of 2007.
The central bank emphasised that its action is based on regulatory compliance problems and is not meant to rule on the legitimacy of any transaction or agreement entered into by the firm with its clients.
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