Other entities such as Ola Financial Services, Obopay Mobile Technologies, and Manappuram Finance Ltd have also been fined by the RBI for disregarding the same norms. While Obopay was fined Rs 5.93 crore, Ola Financial Services and Manappuram Finance were fined 1.67 crore and Rs 17.63 lakh, respectively.
In a statement, the central bank said, “It was observed that the entity (Amazon Pay) was non-compliant with the directions issued by RBI on KYC requirements. Accordingly, notice was issued to the entity advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.”
After taking into consideration the response given by the entity, the central bank concluded that the charges against it were substantiated and warranted imposition of monetary penalty.
This story is from the March 04, 2023 edition of Business Standard.
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This story is from the March 04, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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