The Reserve Bank of India on Friday mentioned it has imposed a penalty of over Rs. 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with sure provisions associated to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) course.
“It was observed that the entity was non-compliant with the directions issued by RBI on KYC necessities,” the RBI mentioned in a press release.
The RBI had issued a discover to Amazon Pay (India) advising it to point out 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 mentioned.
The central financial institution, nonetheless, added the penalty relies 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 prospects.
According to a press release from the central financial institution, the motion relies on deficiencies in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the entity with its prospects.
Amazon Pay is the digital cost arm of e-commerce large Amazon.Â
The RBI assertion mentioned the penalty has been imposed within the train of powers vested in RBI below Section 30 of the Payment and Settlement Systems Act, 2007.
An Amazon spokesperson mentioned the corporate stays dedicated to working as per regulatory tips and sustaining compliance.
“We continue to work closely with the authorities to share our commitment with them,” the spokesperson mentioned.
For particulars of the newest launches and information from Samsung, Xiaomi, Realme, OnePlus, Oppo and different corporations on the Mobile World Congress in Barcelona, go to our MWC 2023 hub.
