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RBI Fines Amazon: The Reserve Bank of India, the regulator of the banking sector, has imposed a fine of more than 3 crores on the e-commerce company Amazon Pay (India) Limited. While imposing penalty, RBI said that the company is not following the rules of KYC (Know Your Customer). Amazon is accused of not following the rules of Prepaid Payment Instruments.
RBI issued a press release informing about the imposition of penalty of Rs 3.06 crore on Amazin Pay India, saying that the company is not following KYC norms. RBI said in its statement that the company is not following the Master Direction issued regarding PPI on August 27, 2021 and the Master Direction issued on February 25, 2016 regarding KYC, due to which 3,06,66,000, Rs. Monetary penalty has been imposed. RBI had issued a notice to the company asking why penalty should not be imposed on it.
RBI said that after the response of Amazon Pay India, the matter of ignoring the rules against the company has been found correct, after which it has been decided to impose penalty on it. Penalty on Amazon has been imposed by RBI on the basis of the rights it has received under Section 30 of the Payment and Settlement Systems Act 2007 (Payment and Settlement Systems Act, 2007). RBI said that this action is imposed after finding a deficiency in Regulatory Compliance and this order has nothing to do with the validity of the agreement or transaction done by Amazon Pay India with its customers. .
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