 "RBI, reserve bank of india")
The Reserve Bank of India on Friday 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.
Other entities such as Ola Financial Services, Obopay Mobile Technologies, and Manappuram Finance Ltd have also been fined by the RBI for disregarding the same norms. While Obopay was fined Rs 5.93 crore, Ola Financial Services and Manappuram Finance were fined 1.67 crore and Rs 17.63 lakh, respectively.
In a statement, the central bank said, “It was observed that the entity (Amazon Pay)
