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The Reserve Bank of India (RBI) on Friday said it imposed a monetary penalty of over Rs 3 crore (3,06,66,000) on Amazon Pay (India) for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) requirements.
According to a statement from the central bank, the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers. Amazon Pay is the digital payment arm of e-commerce giant Amazon. The statement said, "It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements." It added, "Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions." The RBI statement said the penalty has been imposed in the exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. (ANI)
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