India’s central bank has fined Amazon Pay around $375,000 for non-compliance with pre-paid payment instruments and KYC rules.
The Reserve Bank of India says it imposed the 30.7 million rupee penalty “based on deficiencies in regulatory compliance,” says a statement.
The central bank says that after concluding that Amazon Pay was non-compliant it asked the firm for a response before deciding that the issue “warranted imposition of monetary penalty”.
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