RBI advisory on mobile and E-wallets. Public should access RBI website for list of authorised bank/non-bank entities issuing e-wallets and pre-paid cards.
Reserve Bank of India
Date : Mar 30, 2017
The Reserve Bank of India has today advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets, that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India. Only permitted banks can issue PPI wallets which in addition to purchase of goods and services from third parties and money transfer within India, can also be used for withdrawing cash. An updated list of entities is available on the Reserve Bank’s website. Public should access the RBI website for the list of such bank and non-bank entities issuing e-wallets and pre-paid cards.
Intermediaries, like aggregators and payment gateways, which facilitate payment services, though not authorised by Reserve Bank under the Act, are however required to route their transactions only through a nodal account opened with a bank under Reserve Bank’s guidelines of November 24, 2009.
Background
Reserve Bank frames guidelines under the Payment and Settlement Systems Act, 2007 in respect of various payment systems, including issuance of Pre-paid Payment Instruments (PPIs). This advisory is being issued as the usage of digital payment options, including e-wallets is on the rise and public can make an informed choice.
Ajit Prasad
Assistant Adviser
Press Release : 2016-2017/2624
| Related Circulars/Guidelines | |
| July 01, 2016 | Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India |
| November 24, 2009 | Directions for opening and operation of Accounts and settlement of payments for electronic payment transactions involving intermediaries |
Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh - ITAT…
Shareholders are only owners of the shares of the company therefore, income from properties earned by the company cannot be…
When approval for reassessment was granted by unauthorised authority, such jurisdictional error cannot be shielded by the law of limitation…
ITAT on presumption of bogus purchases ought to have remanded case to AO to reconsider the whole matter instead of…
Where proceedings u/s 153C are barred by limitation, AO can not reopen the case invoking section 148 and 148A of…
Corporate guarantees executed by the corporate debtor constitute “financial debt” under IBC and banks to be recognized as financial creditors…