RBI imposes Rs 3.06 Crore penalty on Amazon Pay (India).

  • 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.
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