“RBI Imposes ₹2.41 Crore Penalty on Visa for Unauthorized Payment Method”
The Reserve Bank of India (RBI) has imposed a penalty of ₹2.41 crore (approximately $288,000) on Visa for using an unauthorized payment method, according to an announcement made by the central bank on Friday.
The Reserve Bank of India (RBI) has imposed a penalty of ₹2.41 crore (approximately $288,000) on Visa for using an unauthorized payment method, according to an announcement made by the central bank on Friday.
The fine stems from Visa’s implementation of a payment authentication solution that lacked regulatory approval from the RBI. The central bank’s statement highlighted that the company’s actions were in violation of established guidelines, though specific details regarding the nature of the transgression were not disclosed.
The penalty follows an order issued by the RBI in February, which directed Visa to cease using the unauthorized payment route for certain commercial transactions. The directive was part of the RBI’s broader effort to enhance oversight and regulatory compliance within the financial technology sector.
In response to the fine, Visa acknowledged the RBI’s order and expressed its commitment to adhering to regulatory standards. “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,” a Visa spokesperson stated.
The RBI’s action is part of its ongoing scrutiny of fintech companies and their compliance with payment processing regulations. The central bank’s efforts aim to ensure the integrity and security of financial transactions in the rapidly evolving digital payments landscape.
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