RBI imposes Rs 3.06 crore penalty on Amazon Pay (India) for violation of norms
Mumbai, Mar 3: 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.
"After considering the entity's response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," it said.
The central bank, however, added the penalty is based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the Amazon Pay (India) with its customers.
Amazon Pay is the digital payment arm of e-commerce giant Amazon.
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Puttur: Child injured as ambulance meets with accident
Puttur: A child being transported from Sullia to Mangaluru for medical treatment was injured in a road accident late Monday night at Mura, in Puttur taluk.
The child, who had been born at Sullia Hospital and was en route to Mangaluru Hospital for treatment due to breathing difficulties, was inside an ambulance when a pickup truck traveling from the opposite direction collided with it. Both the child and the ambulance driver sustained minor injuries in the accident.
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Following the incident, the child and the family were immediately transferred to another vehicle and sent to Mangaluru for further treatment.
