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

Daily Current Affairs / RBI imposes Rs 3.06 Crore penalty on Amazon Pay (India)

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Category : Business and economics Published on: March 06 2023

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Reserve Bank of India has imposed a penalty of three crore six lakh sixty six thousand rupees on Amazon Pay (India) Private Limited for non-compliance of certain directions related to Prepaid Payment Instruments and Know Your Customer.
RBI said in a statement, "It was observed that the unit was not complying with the directions issued by RBI on KYC requirements.
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.
Amazon Pay is the digital payment arm of e-commerce giant Amazon.