India cenbank imposes penalty on Amazon Pay for non-compliance

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

The central bank added the penalty is not intended to pronounce upon the validity of any transaction entered into by Amazon Pay (India) with its customers.

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.

RBI slaps Rs 3 crore penalty on Amazon Pay India for violating KYC norms, prepaid payment provisions

The RBI has charged that Amazon Pay India was non-compliant with the regulator’s KYC (Know Your Customer) rules, and provisions regarding PPIs (Prepaid Payment Instruments).

RBI slaps Rs 3.06 cr penalty on Amazon Pay (India) for violation of normss

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.

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

RBI imposes penalty worth Rs 3.06 crore on Amazon Pay (India)

Amazon Pay is the digital payment arm of e-commerce giant Amazon.