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Headline : Indias central bank fines Visa for unauthorised payment method

Read more from the original article on here at www.investing.com.






Tags : #indias #central #bank #fines #visa #unauthorised #payment #method


No. of Paragraph 8

BENGALURU (Reuters) -The Reserve Bank of India imposed a penalty of 24.1 million rupees (nearly $288,000) on Visa (NYSE:V) in relation to its usage of an unauthorised payment transfer method, the central bank said on Friday.

"It was observed that the entity (Visa) had implemented a payment authentication solution without regulatory clearance from RBI," the central bank said in a statement, without providing details 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 said in a statement.

In February, the RBI had ordered the credit card company to stop using an unauthorised route to make some commercial payments, per a Reuters report.

Read more from the original article on here at www.investing.com.


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