BENGALURU (Reuters) – The Reserve Bank of India has imposed a penalty of 24.1 million rupees (nearly $288,000) on Visa (NYSE:) over its operate of an unauthorised payment transfer method, the central bank said on Friday.
“It has been noticed that the entity (Visa) has implemented a payment authentication solution without obtaining regulatory approval from the RBI,” the central bank said in a statement, without giving details of the wrongdoing.
“We acknowledge the RBI’s decision and will continue to comply with RBI guidelines and regulations to continue offering safe and secure payment solutions in India,” a Visa spokesperson said in a statement.
In February, the RBI ordered the credit card company to stop using an unauthorized method to make certain commercial payments, Reuters reports.
The central bank has set itself the goal of tightening controls over the processes used by financial technology companies, or fintech for compact.
(1 dollar = 83.6990 Indian rupees)
