BENGALURU - The Reserve Bank of India said on Friday it had imposed a penalty of 30.7 million rupees ($374,770) on Amazon Pay Private Ltd for non-compliance with directions on prepaid payment instruments and Know Your Customer (KYC) rules.
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers," the RBI said in a statement.
Amazon Pay is an online payment processing service owned by Amazon.com Inc.
An Amazon spokesperson said the company remains committed to operating as per regulatory guidelines and maintaining compliance.
"We continue to work closely with the authorities to share our commitment with them," the spokesperson said.
($1 = 81.9170 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Savio D'Souza)