The Reserve Bank of India (RBI) on Friday said it had imposed Rs 3.06 crore penalty on Amazon Pay (India), the digital payment arm of e-commerce giant Amazon, for violation of norms communed to Prepaid Payment Instruments (PPIs) and Knew Your Customer (KYC).
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The RBI had issued a notice to Amazon Pay (India) advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions. After considering Amazon Pay’s response, RBI concluded that the charges of non-compliance with RBI directions were verified and affirmed the imposition of a monetary penalty, the central bank said.
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The penalty has been imposed in the exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. Amazon Pay is the digital payment arm of e-commerce giant Amazon.
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