RBI fines Visa for unauthorised payment method

BENGALURU, July 26 (Reuters): The Reserve Bank of India (RBI) imposed a penalty of 24.1 million rupees (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.

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.