The Reserve Bank of India said on Friday it had imposed a penalty of 241 million rupees (about $288,000) on Visa in connection with the use of unauthorized payment transmission methods.
“It has been observed that the entity in question (Visa) had implemented a payment authentication solution without regulatory approval from the RBI,” the central bank said in a statement, without giving details of the violations.
“We take the RBI’s order seriously and remain committed to adhering to its guidelines and regulations to continue offering safe and secure payment solutions in India,” a Visa spokesperson said in a statement.
The Reserve Bank of India in February ordered credit card companies to stop using unauthorised channels for some commercial payments, Reuters reported.
The central bank aims to step up its oversight of the processes followed by financial technology (fintech) companies.
(1 dollar = 83.6990 Indian rupees)
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Today’s Featured Video
‘No discussion on FDI from China yet’: Nirmala Sitharaman Budget Exclusive
