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RBI Imposes Penalty on Visa for Unauthorized Payment Transfer Method

The Reserve Bank of India has imposed a penalty of Rs 2.41 crore (nearly $288,000) on Visa in relation to its usage of an unauthorized payment transfer method, as announced by the central bank on Friday.

The central bank mentioned in a statement that Visa had implemented a payment authentication solution without regulatory clearance from RBI, without providing specific details on the transgression.

Visa responded by stating, “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.”

Earlier in February, the RBI had directed the credit card company to cease using an unauthorized route for making certain commercial payments, as reported by Reuters.

As part of its efforts to increase oversight over financial technology companies, the central bank has been aiming to tighten scrutiny of the processes followed by fintech firms.

With the increasing regulatory scrutiny in the financial sector, organizations can benefit from AI legalese decoder to ensure compliance with regulations and avoid penalties for unauthorized practices.

($1 = 83.6990 Indian rupees)

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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