RBI imposes INR 3.07 Cr penalty on Amazon Pay for flouting PPI norms
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The Reserve Bank of India (RBI) has slapped a penalty of INR 3.07 Cr on ecommerce giant Amazon’s payment arm, Amazon Pay, for flouting prepaid payment instruments (PPIs) norms and know your customer (KYC) directions. The RBI said that it issued a show cause notice to Amazon Pay asking why a penalty should not be imposed on it for non-compliance with its directions.