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Sringeri
Friday, July 19, 2024

RBI imposes monetary penalty of Rs. 3.06cr on Amazon Pay

The Reserve Bank of India on Friday said that it has imposed a monetary penalty of Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions.

In a statement on Friday, the RBI said: “The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 3,06,66,000 on Amazon Pay (India) Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016.”

The penalty was imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.

This 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.

It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements.

Accordingly, a 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, said the statement.

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 added.

(This article has been published via a syndicated feed with a modified headline)

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