India cenbank imposes penalty on Amazon Pay for non-compliance
Technology
India cenbank imposes penalty on Amazon Pay for non-compliance
BENGALURU (Reuters) - The Reserve Bank of India said on Friday it imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) rules.
“This 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,” the RBI said in a statement.
Amazon Pay is an online payments processing service owned by Amazon.com Inc (AMZN.O).
