Published 1 year ago

India cenbank imposes penalty on Amazon Pay for non-compliance

Summary by Ground News

The Reserve Bank of India imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd. The penalty was for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) rules. Amazon Pay is an online payments processing service owned by Amazon.com Inc.

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Times of India

RBI imposes Rs 3.06 crore penalty on Amazon Pay for violation of norms

The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.

1 year ago·India

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News18 India

RBI Imposes Rs 3.06 Crore Fine On Amazon Pay For Non-Compliance With KYC Requirements

The RBI's penalty on Amazon Pay India has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007

1 year ago·India

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Channel News Asia

India cenbank imposes penalty on Amazon Pay for non-compliance

BENGALURU : The Reserve Bank of India said on Friday it imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) rules."This action is based on deficiencies in regulatory compliance and is n

1 year ago·Singapore

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Live Mint

RBI slaps Amazon Pay (India) with ₹3.06 crore penalty for norm violation

The central bank has imposed penalty for non-compliance of the Prepaid Payment Instruments and KYC directions

1 year ago·New Delhi, India

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Latestly

RBI Imposes Rs 3.06 Crore Penalty on Amazon Pay for Violation of Norms

"After considering the entity's response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said. RBI Imposes Rs 3.06 Crore Penalty on Amazon Pay for Violation of Norms.

1 year ago

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