The Reserve Bank of India (RBI) has proposed several measures to develop a more conducive framework for the long-term growth of Prepaid Payment Instruments (PPIs), including enhanced transaction security and clearer rules on refunds and grievance redressal.
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
The cards should be issued strictly for use in India and transactions settled in Indian rupee.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
Digital transaction players are hurriedly drawing up a memorandum to be taken to the central bank in hope of having a few of the guidelines -- such as full Know Your Customer (KYC) compliance in 12 months -- overturned, reports Karan Choudhury
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks.
The draft rules underline security parameters that digital wallet companies, such as Paytm, FreeCharge and Mobikwik, will have to follow
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
It was a "bloody Monday" for Chinese stock markets as shares once again nosedived in the sharpest decline since 2007.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances