India: Reserve Bank of India investigation into Amazon Pay over non-compliance of PPI and KYC requirements
Progress
Current status
in force
03 Mar 2023 in force
Scope
Implementers
India
Policy Area
Consumer protection
Policy Instrument
Quality of Service requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
central bank
Implementation Level
national
Timeline of events
Issued Reserve Bank of India fine in investigation into Amazon Pay
On 3 March 2023, the Reserve Bank of India (RBI) imposed a fine of INR 30'666'000 on Amazon Pay (India) for failing to comply with certain provisions of the "Master Directions on Prepaid Payment Instruments" (PPIs) and the "Master Direction – Know Y…
SourceEvent type
investigation
Action type
ruling
Government branch
executive
Government body
central bank