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RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited

chasni

TF Ace
RML Group
VIP Lounge
LOL, most probably I have read it from yahoo university because I graduated from IIT even before whatsapp was a thing. Just curious to know whether today's whatsapp era will accept me or not? 🤔
That was a nice flex. Didn't take more than a few replies for this disclosure.
 

AllSeeker

TF Ace
I *think* we diverted from original point, I'm very curious to know if this is due to "mini kyc" ppl also getting wallet option? Or is it amazon not revealing as much data to IT or probably not being compliant about SME protection policy.

All three of the above issues are very serious, amazon has been fined/punished previously too, its not cause for getting frightened that it will close India operation, hell its probably making more money in India than US, since there are good alternatives physically present for amazon unlike India where you don't have Walmart's and 7-11's.

So relax, we need to know the real cause. Everything else comes later.
 

wayrocky

TF Buzz
Looks like some bad changes may be coming ......
I like the way Amazon Pay vouchers function, so I hope they don't change things


Date : Mar 03, 2023​
RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (as updated from time to time) and the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time).
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. 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.
Background
It was observed that the entity 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 considering the entity’s response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.
(Yogesh Dayal)
Chief General Manager​
Press Release: 2022-2023/1824
I think we should see the bigger picture, just wait n watch
 

souvikr

TF Premier
There is!
Only Teens & above #13+
Wow seems like you hallucinated while reading the T&R because the word "teen" is not there.

And
Congratulations!! You are from 0.01% of the people who thinks they are teenager but actually not :xD
 
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SiddharthR

TF Ace
Wow seems like you hallucinated while reading the T&R because the word "teen" is not there.
Teen: the years of a person's age from 13 to 19.
Teen's & above: 13+ (Written in T&Rs)

#ImproveYourVocabulary
And
Congratulations!! You are from 99% of the people who think they are teenager but actually not :xD
You bloody mind reader, how do you know, "what I think"
 

souvikr

TF Premier
Teen: the years of a person's age from 13 to 19.
Teen's & above: 13+ (Written in T&Rs)

#ImproveYourVocabulary

You bloody mind reader, how do you know, "what I think"
There is!
Only Teens & above 13+
Buddy you mentioned "only teens" and "above 13+" earlier. If you decode the meaning it means 13-19 only and the second condition is redundant. So by your own logic you are not eligible.

And regarding my vocabulary I will surely improve it because improvement is a continuous process.
 
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SiddharthR

TF Ace
Buddy you mentioned "only teens" and "above 13+" earlier. If you decode the meaning it means 13-19 only and the second condition is redundant. So by your own logic most of the people in this forum are not eligible.

And regarding my vocabulary I will surely improve it because improvement is a continuous process.
So, here is what I meant:
"Teen's & above OR #13+"

Moreover I'll too try to improve my already quite good punctuation.
 

souvikr

TF Premier
So, here is what I meant:
"Teen's & above OR #13+"

Moreover I'll too try to improve my already quite good punctuation.
Now it makes sense after necessary correction. Your small punctuation mistake questioned my eligibility.

Btw you could have simply told 13+ instead of playing around boolean expressions. Try to improve your algorithmic skills as well.
 
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