The Reserve Financial institution of India on Friday stated it has imposed a penalty of over Rs. 3.06 crore on Amazon Pay (India) Personal Restricted for non-compliance with sure provisions associated to Pay as you go Fee Devices (PPIs) and Know Your Buyer (KYC) path.
“It was noticed that the entity was non-compliant with the instructions issued by RBI on KYC necessities,” the RBI stated in a press release.
The RBI had issued a discover to Amazon Pay (India) advising it to indicate trigger as to why penalty shouldn’t be imposed for non-compliance with the instructions.
“After contemplating the entity’s response, RBI concluded that the aforesaid cost of non-compliance with RBI instructions was substantiated and warranted imposition of financial penalty,” it stated.
The central financial institution, nevertheless, added the penalty relies on deficiencies in regulatory compliance and never meant to pronounce upon the validity of any transaction or settlement entered into by the Amazon Pay (India) with its prospects.
Based on a press release from the central financial institution, the motion relies on deficiencies in regulatory compliance and isn’t meant to pronounce upon the validity of any transaction or settlement entered into by the entity with its prospects.
Amazon Pay is the digital cost arm of e-commerce large Amazon.
The RBI assertion stated the penalty has been imposed within the train of powers vested in RBI beneath Part 30 of the Fee and Settlement Methods Act, 2007.
An Amazon spokesperson stated the corporate stays dedicated to working as per regulatory tips and sustaining compliance.
“We proceed to work intently with the authorities to share our dedication with them,” the spokesperson stated.