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.
Accordingly, a notice was issued and decision to impose the penalty was taken after considering the entity’s response. In a press release, RBI said that the 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.
