The Reserve Bank Of India imposed a penalty of Rs 3.06 crore on Amazon Pay (India) Private Limited after the corporate did not adjust to sure provisions in relation to the Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) route.
“It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements,” the RBI stated in an announcement. The RBI had issued a discover to Amazon Pay (India) advising it to indicate trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions.
“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 stated.
The central financial institution, nonetheless, added the penalty is predicated on deficiencies in regulatory compliance and never supposed to pronounce upon the validity of any transaction or settlement entered into by the Amazon Pay (India) with its clients.
Amazon Pay is the digital cost arm of e-commerce large Amazon.
ALSO READ |Â Inbound travellers from G20 international locations visiting India can avail UPI facility at 3 airports: RBI
