India: 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 Your Customer Direction" (KYC) issued by the RBI. The RBI had previously issued a notice to Amazon Pay observing that the company was non-compliant with the directions on KYC requirements and advising it to demonstrate why a fine should not be imposed. After considering the company's response, the RBI determined that Amazon had not followed the RBI's directions and decided to impose penalties for non-compliance.