India cenbank imposes penalty on Amazon Pay for non-compliance

The Reserve Bank of India said on Friday it had imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd.

Published: Mar 03, 2023, 10:05 PM IST

India cenbank imposes penalty on Amazon Pay for non-compliance

Story Highlights

A penalty of 30.7 million rupees imposed ($374,770) on Amazon Pay.
This action is based on deficiencies in regulatory compliance.
Amazon Pay is an online payment processing service owned by Amazon.com.

The Reserve Bank of India said on Friday it had 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.

UPI Payments Now 2X Faster With PhonePe, Google Pay, Paytm, More: Here’s How

“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 to give 100 percent cashback on recharges during Prime Day Sale 2023