Government releases draft rules for wallet companies

In a bid to make transactions through e-wallets safer and strengthen the grievance redressal mechanism for consumers, a government has released a set of guidelines for wallet firms.


The draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 which have been released for public consultation by the ministry of electronics and IT cover an entire spectrum such as protecting consumer information, especially financial data. 
The Rules mandate that each Prepaid Payment Instruments (PPI) company or wallet firm will have a privacy policy posted on its website. It will also have to appoint a chief grievance officer, the contact details of whom will have to be prominently displayed on the website. 
The grievance officer will have to “act upon” any complaint within 36 hours and “close” it in a month’s time. 
Source- The Economic Times


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