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.
  • Benzinga now provides actionable financial news and trading ideas for the Indian financial markets on in.benzinga.com.
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