It is mandatory for banks to follow RBI instructions
It is mandatory for all types of economic platforms including banks to follow the instructions given by RBI. At the same time, RBI also keeps a close watch on them so that no one does anything wrong. From time to time, there is news of penalty on banks. Once again a similar case has come to light when the Reserve Bank of India has imposed a fine of Rs 3.06 crore on Amazon Pay India Pvt Ltd.
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3 crore fine
Actually, RBI has imposed a fine of 3.06 crores on Amazon Pay India Pvt Ltd. This fine has been imposed on the basis of violation of KYC (Know Your Customer) and PPIs (Prepaid Payment Instruments) norms. In its statement, RBI has said that this step has been taken on the basis of violation of norms of KYC requirements.
Even before this, the Central Bank had given show cause notice to Amazon Pay (India) and it was followed that it should explain why penalty should not be imposed on it.
Journalist from Bihar. Associated with AnyTV.com since 2020. Can be reached at [email protected] with subject line “Reach Satyam kumari.” More by Satyam Kumari