Indian Banking Watchdog Penalizes Amazon Pay $370K For Violations

The Reserve Bank of India (RBI) penalized Amazon.com Inc's AMZN online payments processing service Amazon Pay (India) Private Limited by ₹30.7 million for deficiencies in regulatory compliance.
Amazon Pay failed to comply with specific provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021, and the Master Direction – Know Your Customer (KYC) Direction, 2016, dated February 25, 2016.
In February, Amazon Pay won the Indian banking regulator's approval for the online payment aggregator and Alphabet Inc's GOOG GOOGL Google Pay.
India, the second-largest internet market, became a critical overseas market for Amazon.
The penalty is equivalent to $374,770, Reuters reports.
Price Action: AMZN shares traded higher by 0.71% at $92.78 premarket on the last check Friday.
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