The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3,06,66,000 (Rupees Three crore six lakh sixty-six thousand only) on Amazon Pay (India) Private Limited for non-compliance with certain regulatory directions.

The Reserve Bank of India (RBI) has issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, effective from the close of business on March 3, 2023.

The Reserve Bank of India (RBI) has announced that inbound travellers visiting India can now make local payments using the Unified Payments Interface (UPI). This facility, initially announced in the Statement on Developmental and Regulatory Policies dated February 08, 2023, is operational from February 21, 2023.

In a landmark development, the Hon’ble Prime Ministers of India and Singapore, Shri Narendra Modi and Mr. Lee Hsien Loong, today inaugurated a real-time cross-border payment linkage between the two countries using their respective fast payment systems—India’s Unified Payments Interface (UPI) and Singapore’s PayNow. The launch was symbolically carried out through token transactions by RBI Governor Shri Shaktikanta Das and Managing Director of the Monetary Authority of Singapore (MAS), Mr. Ravi Menon.

To enhance transparency and bring online payment aggregation activities under a regulated framework, the Reserve Bank of India (RBI) has released an updated status report on applications submitted by Payment Aggregators (PAs) seeking authorisation under the Payment and Settlement Systems Act, 2007 (PSS Act).