India

RBI Slaps ₹2.41 Crore Fine on Visa for Unauthorised Payment Method

The Reserve Bank of India (RBI) recently fined Visa ₹2.41 crore (about $288,000) for utilizing an unapproved payment transfer method. The central bank made this information public on Friday, highlighting that Visa had implemented a payment authentication mechanism without first gaining the necessary regulatory approval.

The RBI’s official statement noted, “It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI.” However, the central bank did not elaborate on the specifics of the violation.

A Visa spokesperson responded to the penalty, saying, “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.”

MUST READ: Tharoor Criticizes Agniveer Scheme: Claims It Dilutes Army Training and Professional Opportunities

According to a media source, the RBI ordered Visa to stop using an unauthorized channel for specific commercial payments in February, which is when the problem initially surfaced. This action is a component of the central bank’s larger plan to improve supervision of the operations of financial technology (fintech) enterprises.

The RBI has been keeping a close eye on the procedures and strategies used by fintech companies to make sure they fully comply with legal requirements. The objective of this examination is to protect the authenticity and safety of India’s financial system.

According to the most recent conversion rate, $1 is worth 83.6990 Indian rupees.

Srishti Mukherjee

Recent Posts

Will Donald Trump Handover His Presidency To Elon Musk? President-Elect Retorts, ‘Not Happening’

Elon Musk, known for his significant political contributions, donated $238.5 million to Trump’s presidential campaign—the…

1 min ago

Tragic Accident: Drunk Truck Driver Crushes 9 People Sleeping On Footpath, 3 Killed On The Spot, Driver Arrested

The accident involved 12 people who were resting near the footpath, with some sleeping in…

10 mins ago

Real-Time Air Pollution: What Is Delhi’s AQI After Light Rain As Temperature Drops To 9 Degrees Celsius

Parts of Delhi-NCR experienced light rainfall on Monday morning, but the Air Quality Index (AQI)…

37 mins ago

Bharat Progress Report 2024: D. Gukesh Becomes Youngest-Ever World Chess Champion

India's Gukesh Dommaraju has made history by becoming the youngest World Chess Champion at 18,…

1 hour ago

Delhi-NCR Weather Alert: Heavy Rain And Chilly Cold Expected This Week

Delhi NCR is in for heavy rain and bone-chilling cold this week, with a yellow…

2 hours ago

Who Is Gabriel Enrique Angarita Carrasquero? Texas Border Riot Mastermind Arrested After Seven-Month Manhunt

Gabriel Enrique Angarita Carrasquero, one of Venezuela's migrants, was finally captured after an almost seven-month…

2 hours ago