{"id":613856,"date":"2023-03-03T08:49:14","date_gmt":"2023-03-03T14:49:14","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/03\/indias-central-bank-slaps-penalty-on-amazons-payments-unit\/"},"modified":"2023-03-03T08:49:14","modified_gmt":"2023-03-03T14:49:14","slug":"indias-central-bank-slaps-penalty-on-amazons-payments-unit","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/03\/indias-central-bank-slaps-penalty-on-amazons-payments-unit\/","title":{"rendered":"India\u2019s central bank slaps penalty on Amazon\u2019s payments unit"},"content":{"rendered":"<div>\n<p id=\"speakable-summary\">India\u2019s central bank has slapped Amazon Pay\u2019s India unit with a fine of over $373,300 for non-compliance with local guidelines surrounding know your customer and prepaid payment instruments norms.<\/p>\n<p>The Reserve Bank of India <a href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/PressRelease\/PDFs\/PR182491A6B270B8C443F59E84D11A6CD07850.PDF\">said in a statement<\/a> (PDF) that Amazon Pay (India) was non-compliant with certain provisions of the guidelines on <a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_ViewMasDirections.aspx?id=12156\">prepaid payment instruments<\/a> (required by a company to operate as a digital wallet) and <a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_ViewMasDirections.aspx?id=11566\">know your customer<\/a> issued by the central bank on KYC requirements, but did not elaborate precisely which rules were violated.<\/p>\n<p>\u201cAccordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions. After considering the entity\u2019s response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty,\u201d it said in a statement.<\/p>\n<p>The fine comes at a time when the Indian central bank is <a href=\"https:\/\/techcrunch.com\/2022\/06\/23\/indias-central-bank-cracks-down-on-fintech-startups\/\">toughening its compliance requirements<\/a>\u00a0for\u00a0fintech and Big Tech firms in the country as it cracks down on money laundering and predatory business practices.<\/p>\n<p>India is a key market for Amazon, which has deployed over $7 billion in the country over the past decade.<\/p>\n<p>\u201cWe remain deeply committed to operating as per regulatory guidelines and maintaining a high compliance bar, while we innovate on behalf of our customers to offer them a safe and convenient payments experience. We continue to work closely with the authorities to share our commitment with them,\u201d an Amazon spokesperson said in a statement. <\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/techcrunch.com\/2023\/03\/03\/reserve-bank-of-india-amazon-pay\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Manish Singh<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s central bank has slapped Amazon Pay\u2019s India unit with a fine of over $373,300 for non-compliance with local guidelines surrounding know your customer and prepaid payment instruments norms. The Reserve Bank of India said in a statement (PDF) that Amazon Pay (India) was non-compliant with certain provisions of the guidelines on prepaid payment instruments<\/p>\n","protected":false},"author":1,"featured_media":613857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22947,4951,46],"tags":[],"class_list":{"0":"post-613856","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-central","8":"category-indias","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/613856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=613856"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/613856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/613857"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=613856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=613856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=613856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}