In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets. The guidelines elaborate on requirements for achieving inter-operability for mobile wallets and cards, and norms for customer protection and grievance redressal.
According to the notification issued by the RBI, inter-operability among mobile wallets, and between bank account and e-wallet would be enabled through the UPI system. Paytm, MobiKwik, Oxigen and Ola Money are some of the popular mobile wallets in the country. Currently, a mobile wallet does not allow customers to send or receive money from a wallet run by another company.
Source- Press Information Bureau (PIB)
Static/Current Takeaways From Above News For IBPS PO Mains Exam 2018:
- Urjit Patel- 24th Governor of RBI, Headquarters- Mumbai, Established on- 1st April 1935, in Kolkata.