Photo for representational purpose only. Reuters file
New Delhi, March 3
The RBI has imposed a penalty of Rs 3.06 crore on Amazon Pay for not complying with provisions on prepaid payment instruments (PPIs) and know your customer (KYC) guidelines.
The penalty has been imposed under Section 30 of the Payment and Settlement Systems Act, 2007. “The 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.
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