FCC Flash

“The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹30.66 million on Amazon Pay (India) Private Limited for non-compliance with directions on prepaid payment instruments (PPI) and Know Your Customer (KYC) rules. Amazon Pay is an online payment processing service owned by Amazon.com Inc. The firm was recently granted a payment aggregator license by the RBI along with 31 other entities.”