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RBI imposed a monetary penalty of Rs 3.06 crores on Amazon Pay for non-compliance with KYC and Prepaid Payment Instrument (PPI) norms.

RBI imposes a penalty of 3.06 crore rupees on Amazon Pay (India) Private for non-compliance with KYC and PPI norms

By exercising its authority under Section 30 of the Payment and Settlement Systems Act, 2007, the RBI has levied a penalty on Amazon Pay India.

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.

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

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.

RBI has slapped a penalty of INR 3.07 Cr on Amazon’s payment arm, Amazon Pay, for flouting PPI norms and KYC directions

New Delhi [India], March 3 (ANI/BusinessWire India): Today, Narayan Rane, Minister of MSME, announced the launch of FIRST, the Forum for Internet Retailers, Sellers, and Traders in the presence of over 400 retailers and seller organizations

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 ...

The Reserve Bank of India (RBI) has imposed a penalty of Rs 3.06 crore on Amazon Pay (India) Private Limited over non-compliance with the regulators directions on KYC requirements. -- aaa