RBI imposes Rs 2.41 crores fine on Visa for unauthorised payment method
PTC News Desk: Reserve Bank of India has imposed a penalty of Rs 2.41 crores on Visa for using an unauthorised payment transfer method.
"It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI," the central bank said.
"We duly acknowledge the RBI order and remain committed to following RBI guidelines and regulations to continue providing safe and secure payment solutions in India," a Visa spokesperson said following the RBI penalty.
According to Reuters, the RBI ordered credit card companies in February to stop utilising an unauthorised route to make certain commercial payments.
The central bank intends to increase surveillance of the methods used by financial technology, or fintech, companies.
RBI fines Ola Financial Services
On Friday, the RBI also imposed monetary penalties on Ola Financial Services for failing to comply with KYC norms.
Ola Financial Services was fined twice, once for Rs 33.40 lakhs for failing to comply with Know Your Customer (KYC) guidelines. The second fine of Rs 54.15 lakh was levied for failing to comply with regulatory provisions under the Payment and Settlement Systems Act, 2007.
- PTC NEWS
