RBI imposes Rs 3.06 crore penalty on Amazon Pay (India) for violation of norms

The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.

“It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements,” the RBI said in a statement.

The RBI had issued a notice to Amazon Pay (India) advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.