India’s central bank fines Visa for unauthorised payment method
The Reserve Bank of India imposed a penalty of 24.1 million rupees (nearly $288,000) on Visa (V.N), opens new tab 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.
Source: REUTER