Proposed RBI norms worry mobile wallets

- Advertisement -
Mobile wallet company executives last week expressed their concerns to Reserve Bank of India officials over the proposed guidelines for the sector, in their formal feedback to the regulator on them.
Mobile wallet

RBI had issued draft guidelines for prepaid payment instrument (PPI) licence holders in March and several had flagged issues such as know your customer (KYC) norms.

According to Economic Times, the central bank stayed firm on the matter, said people with knowledge of the matter. There was no response to email sent to RBI, while spokespersons for the Payment Council of India and the Internet and Mobile Association of India (IAMAI), which organised the meeting, did not wish to comment.

Currently, e-wallets and other such prepaid payment instruments can only hold up to Rs 20,000 per user with minimum KYC. As per the draft guidelines, these PPIs will have to move to full KYC details within 60 days of the PPI licence being issued.

Existing semi-closed PPIs that currently require minimum details from customers have to convert into full-KYC PPIs by June 30, failing which the RBI warned that no further credit will be allowed in such PPIs.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

Drone

First Drone School Destination in NE: Guwahati

0
In the pursuance of the ‘Act East’ policy and the aim to make India a drone tech hub, northeast India has got its first...

8 EMC Projects Completed

0
The Electronics Manufacturing Cluster is leaving no stone unturned for setting up operational units around the country. Out of the 3464.42 acres, 1342 acres...

Kentucky Company Rubicon Tech Now on NYSE

0
The Kentucky-based leading tech company, Rubicon Technologies, Inc. (Rubicon), has announced trading on the New York Stock Exchange (NYSE) beginning Tuesday. The step followed...

Exclusive

Sterlite Tech’s Losses down QoQ, Revenue Up YoY

0
Sterlite Technologies recently published its financial performance results for Q1, FY 23. While it witnessed a 20.32% increase in the overall revenue on a...

8 EMC Projects Completed

0
The Electronics Manufacturing Cluster is leaving no stone unturned for setting up operational units around the country. Out of the 3464.42 acres, 1342 acres...

Kentucky Company Rubicon Tech Now on NYSE

0
The Kentucky-based leading tech company, Rubicon Technologies, Inc. (Rubicon), has announced trading on the New York Stock Exchange (NYSE) beginning Tuesday. The step followed...

Important Sectors

Sterlite Tech’s Losses down QoQ, Revenue Up YoY

0
Sterlite Technologies recently published its financial performance results for Q1, FY 23. While it witnessed a 20.32% increase in the overall revenue on a...
Drone

First Drone School Destination in NE: Guwahati

0
In the pursuance of the ‘Act East’ policy and the aim to make India a drone tech hub, northeast India has got its first...

I-Day Gift: Ola Electric Car in 2024!

0
Ola Electric, at an event on Monday, announced the launch of their first electric car by 2024. Though not much has been revealed about...

Indian Chip Industry to Cross $300 billion by 2026

0
As India gradually strides toward becoming Aatmanirbhar, a new report on the chip component industry avouch for this growth. The report of India Electronics...
EV

Volkswagen Testing ŠKODA EVs in India

0
German auto giant Volkswagen has begun to test some ŠKODA EVs in India. As per a senior official of the company, the step aims...

Manufacturing

I-Day Gift: Ola Electric Car in 2024!

0
Ola Electric, at an event on Monday, announced the launch of their first electric car by 2024. Though not much has been revealed about...

Indian Chip Industry to Cross $300 billion by 2026

0
As India gradually strides toward becoming Aatmanirbhar, a new report on the chip component industry avouch for this growth. The report of India Electronics...
EV

Volkswagen Testing ŠKODA EVs in India

0
German auto giant Volkswagen has begun to test some ŠKODA EVs in India. As per a senior official of the company, the step aims...

Mahindra To Launch Unveiled e-SUVs in 2024

0
On Monday, Indian auto-giant Mahindra & Mahindra (M&M) unveiled its five new electric sports utility vehicles (e-SUVs) --- XUV.e8, XUV.e9, BE.05, BE.07 and BE.09,...

US Aiming to Regain its Semiconductor Leadership

0
Semiconductors are now finding a rightful place in all areas such as national security, information technology, aerospace, and so forth. What is sad is...