BENGALURU (Reuters) -The Reserve Financial institution of India imposed a penalty of 24.1 million rupees (practically $288,000) on Visa (NYSE:) in relation to its utilization of an unauthorised cost switch technique, the central financial institution mentioned on Friday.
“It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI,” the central financial institution mentioned in an announcement, with out offering particulars on the transgression.
“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 mentioned in an announcement.
In February, the RBI had ordered the bank card firm to cease utilizing an unauthorised path to make some business funds, per a Reuters report.
The central financial institution has aimed to tighten scrutiny of the processes adopted by monetary know-how, or fintech, corporations.
($1 = 83.6990 Indian rupees)