The Reserve Bank of India on Friday said it has imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Pvt Ltd for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) regulations.
“This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers,” RBI said in a statement.
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