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The Reserve Bank of India (RBI) has imposed ₹3.06 crore monetary penalty on Amazon Pay (India) Private Ltd for non-compliance with certain provisions of its master directions relating to prepaid payment instruments (PPIs) and know your customer (KYC).
The central bank, in a statement, observed that Amazon Pay (India) was non-compliant with its directions on KYC requirements.
Accordingly, a notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions, RBI said.
“After considering the entity’s response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,” per the RBI statement.
RBI said the penalty has been imposed in exercise of powers vested in it under the Payment and Settlement Systems Act, 2007.
The central bank underscored that its 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.
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