RBI penalizes Amazon Pay(India) for non-compliance with PPIs norms.
According to industry sources, fintech players including Amazon Pay were told by RBI in 2017 to normalize video KYC instead of doing it physically by going door to door.
They were also told that video KYC has to be done by the fintech players themselves, not by third-party agencies.
The sources say Amazon ramped up its technology and hiring efforts for video KYC. All of its KYC is now video-based.