RBI slaps over Rs 3-crore penalty on Amazon Pay

Mumbai (Maharashtra) [India], March 3 (ANI): The Reserve Bank of India (RBI) on Friday said it imposed a monetary penalty of over Rs 3 crore (3,06,66,000) on Amazon Pay (India) for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) requirements.

According to a statement from the central bank, the action is based on deficiencies in regulatory compliance and is