RBI imposes Rs 3.06 Crore penalty on Amazon Pay (India).
06/03/2023
The Reserve Bank of India has imposed a penalty of Rs.Three Crore Six Lakh Sixty Six Thousand on Amazon Pay (India) Pvt Ltd for non-compliance of certain directions relating to Prepaid Payment Instruments and Know Your Customer.
The penalty has been imposed in exercise of powers vested in RBI under section 30 of the Payment and Settlement Systems Act, 2007.
After considering the reply of the institution, Reserve Bank of India has come to the conclusion that the above allegation of non-compliance with the directions of Reserve Bank of India has been established and warrants imposition of monetary penalty.
