RBI slaps Rs 3.06 cr penalty on Amazon Pay (India) for non-compliance of rules

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By  India Blooms News Service   Mar 04, 2023

Mumbai: The Reserve Bank of India Friday said it has fined Amazon Pay (India) Private Ltd more than Rs 3.06 crore for not adhering to certain rules regarding Prepaid Payment Instruments (PPIs) and the Know Your Customer (KYC) directive.

It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements, the RBI said in a statement.

The RBI had issued a notice to Amazon Pay (India) asking it to show cause as to why a penalty should not be imposed for non-compliance with the directions.

The apex bank, however, added that the fine is pertaining to deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by Amazon Pay (India) with its customers.

Amazon Pay is the electronic payment system of the online retailer Amazon.