File picture of a emblem of Amazon Pay in Mumbai.
| Photo Credit: Reuters
The Reserve Bank of India on Friday mentioned it has imposed a penalty of over ₹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 requirements,” the RBI mentioned in a press release.
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 mentioned.
The central financial institution, nevertheless, added the penalty relies on deficiencies in regulatory compliance and never meant to pronounce upon the validity of any transaction or settlement entered into by the Amazon Pay (India) with its prospects.
Amazon Pay is the digital cost arm of e-commerce big Amazon.
