India's central bank fines Visa for unauthorised payment method
The RBI imposed a penalty of 24.1 million rupees
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THE Reserve Bank of India (RBI) imposed a penalty of 24.1 million rupees (S$386,468) on Visa in relation to its usage of an unauthorised payment transfer method, the central bank said on Friday (Jul 26).
“It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI,” the central bank said in a statement, without providing details on the transgression.
In February, the RBI had ordered the credit card company to stop using an unauthorised route to make some commercial payments.
The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies. REUTERS
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