Amazon Pay Penalty: Amazon-Pay was doing wrong in digital payment, RBI imposed a fine of 3.66 crores

Amazon Pay India

Amazon Pay Penalty: The Reserve Bank of India (RBI) has imposed a fine of Rs 3.66 crore on online UPI payment platform Amazon Pay India. It is alleged that Amazon Pay was not following the rules related to Know Your Consumers (KYC). After this this action has been taken.

RBI had issued notice

The Reserve Bank of India had asked Amazon Pay to follow the rules related to KYC. Along with this, a show cause notice was also issued for neglect. Why you should not be fined for non-compliance of RBI instructions. The company replied, but RBI was not satisfied.

action taken under these rules

RBI has taken penalty action under Section 30 of the Payment and Settlement Act 2007. The prepaid prepayment instrument rules came into effect on 27 August 2021. Which has been updated from time to time. Whereas instructions related to KYC were issued on 25 February 2016. But Amazon Pay India was ignoring these rules.

Also read: Indian Currency Note: Will the currency become invalid if something is written on the note? Check the new guidelines of RBI

And read Read the news related to the country here

Leave a Reply