Amazon Pay has faced huge fines in India. On Friday, the Reserve Bank of India (RBI) imposed a fine of Rs 3 crore 6 lakh on this online payment company. news daily
As time goes on, digital payment methods are becoming more and more popular worldwide. And in order to protect common people’s money in this way, the Reserve Bank of the countries ordered the digital payment platforms to follow certain rules.
It has been alleged that Amazon Pay has violated RBI norms for prepaid payments in India. KYC rules were not followed. And that is why the company has been fined a hefty amount.
On this day, the Reserve Bank informed through a notification, ‘RBI has fined 3 crore 6 lakh 66 thousand rupees on Amazon Pay (India) Private Limited. Amazon Pay has violated the guidelines issued on August 27, 2021 regarding prepaid payment instruments (PPIs). KYC norms were also not followed’.
It is to be noted that a notice was given to the online payment app asking why the order issued by the Reserve Bank has been violated. The notice was also answered by Amazon Pay India. Then, then the company was eventually fined.
