India's central banking institution imposes penalty on Amazon Pay (India) for non-compliance

NEW DELHI, March 3 (Xinhua) -- India's central banking institution, the Reserve Bank of India (RBI), said on Friday that it has imposed a penalty of 374,998 U.S. dollars on Amazon Pay (India) Private Limited for non-compliance with the country's regulatory protocols.

"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 payments processing service owned by U.S. e-commerce giant Amazon.

The central banking institution said the company failed to comply with certain provisions related to Prepaid Payment Instruments and Know Your Customer direction issued by the Indian banking regulator.