BENGALURU (Reuters) -The Reserve Financial institution of India imposed a penalty of 24.1 million rupees (almost $288,000) on Visa (NYSE:) in relation to its utilization of an unauthorised cost switch methodology, the central financial institution mentioned on Friday.
“It was noticed that the entity (Visa) had applied a cost authentication resolution with out regulatory clearance from RBI,” the central financial institution mentioned in a press release, with out offering particulars on the transgression.
“We duly acknowledge the RBI order and stay dedicated to following RBI pointers and rules to proceed offering protected and safe cost options in India,” a Visa spokesperson mentioned in a press release.
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 expertise, or fintech, corporations.
($1 = 83.6990 Indian rupees)