RBI slaps monetary penalty on Amazon Pay for non-compliance with KYC norms
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- By Chetan Kulasri
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- Last Updated on 6 March, 2023
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RBI Press Release 2022-2023/1824, dated 03-03-2023
RBI has imposed monetary penalty of Rs. 3,06,66,000/- on Amazon Pay (India) Private Limited. The Amazon Pay (India) Private Limited was non-compliant with the directions issued by RBI on KYC requirements. A notice was also issued to Amazon Pay advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions. However, RBI was dissatisfied with the entity’s response and imposed a penalty thereupon.
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