The Reserve Bank of India imposed a penalty of Rs 2.41 crore (nearly $288,000) on Visa 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.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
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.
-
-
NDTV World Summit Day 2: Navigating A World In Transition -
"US Protecting Its Interest": S Jaishankar On Trump's Oil Deal With Russia -
S Jaishankar's 'Indira' Reminder After Rahul Gandhi's Marco Rubio Jibe -
Best Of NDTV World Summit 2026 | Defining Conversations, Big Ideas -
PM Modi Says 'Parasite' Congress Hurts 'Honest' Dissent Movements -
"World That Relied On India's Brainpower Now Trusts Its Mindpower": PM Modi -
Non-Oil Trade With India Went Up 50% In 3 Years: UAE Minister At NDTV Summit -
"Some Dreaming Of Disorder": PM's "Failed Product Of Congress" Jibe At Rahul Gandhi -
'Viksit Bharat Not Just For Us': PM Modi's Top Quotes At NDTV World Summit -
Has Indian Cuisine Arrived At The Global Stage? What Vir Sanghvi Believes
The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies.
($1 = 83.6990 Indian rupees)
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Track Latest News Live on NDTV.com and get news updates from India and around the world
