BENGALURU (Reuters) -The Reserve Bank of India has fined Visa (NYSE:) 24.1 million rupees (nearly $288,000) over its use of an unauthorized payment transfer method, the central bank said on Friday.
“It was observed that the entity (Visa) had implemented a payment authentication solution without RBI approval,” the central bank said in a statement, without giving details of the violation.
“We acknowledge the RBI’s order and remain committed to following RBI guidelines and regulations to continue providing secure payment solutions in India,” a Visa spokesperson said in a statement.
According to a Reuters report, the RBI had in February directed the credit card company to stop using an unauthorized route to make commercial payments.
The central bank has sought to tighten scrutiny of the processes followed by financial technology or fintech companies.
($1 = 83.6990 Indian Rupees)
