New Delhi: The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Pvt Ltd for non-compliance with certain provisions relating to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) directions. “It was observed that the entity was not complying with the directions issued by RBI on KYC requirements,” RBI said in a statement.
Read this also | Physics major Alakh Pandey’s wedding reception attended by Khan sir, Zakir Khan and others; pics go viral
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 of the directions. “After considering the response of the unit, RBI concludes that the aforesaid allegation of non-compliance of RBI directions warrants imposition of monetary penalty,” it said.
Read this also | Bill Gates’ Video Of Giving Tadka To “Khichdi” With Smriti Irani Goes Viral
However, the central bank said the penalty is based on 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 digital payments arm of e-commerce giant Amazon.