The Reserve Bank of India has imposed penalties on five prepaid payment instrument(PPI) issuers under Section 30 of the Payment and Settlement Systems Act, 2007 for violation of regulatory guidelines. Prepaid payment instruments (PPIs) come with a pre-loaded value and in some cases a pre-defined purpose of payment.They facilitate the purchase of goods and services… Continue reading RBI imposes fines on PPIs for violating norms
Tag: Payment and Settlements Act
How is Google’s GPay operating without authorisation, Delhi HC asks RBI
The Delhi High Court has asked the Reserve Bank of India (RBI) to explain how Google was operating its payment services in India without taking any approvals or licence from the RBI. Google’s GooglePay uses BHIM unified payments Interface (BHIM UPI) for money transfers. The court’s query has come in the backdrop a plea which… Continue reading How is Google’s GPay operating without authorisation, Delhi HC asks RBI
