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Digital Wallet Companies Waiting for RBI Guidelines
August 18, 2017
Companies in the business of Digital Wallets and Prepaid Payment Instruments are eagerly waiting for the RBI norms so that they can get started. It was March 20, 2017 when the central bank issued a draft master circular, after which the top industry stakeholders gave their feedback and proposed some changes. Now, the industry is waiting for the final guideline.
According to the industry executives, RBI is expected to open a new window for receiving PPI licenses. However, what they are mainly anticipating are the digital wallets norms for KYC and insurance.