Question
The Reserve Bank of India has imposed a penalty of _____
on Amazon Pay (India) Pvt Ltd for non-compliance with provisions of the Prepaid Payment Instruments (PPIs) norms and Know Your Customer (KYC) norms.Solution
The Reserve Bank of India has imposed a penalty of Rs 3.06 crore on Amazon Pay (India) Pvt Ltd for non-compliance with provisions of the Prepaid Payment Instruments (PPIs) norms and Know Your Customer (KYC) norms. The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.
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