Reserve Bank of India allows cooperative banks to issue mobile wallets

Posted on:26 May 2017 15:43:53
Reserve Bank of India allows cooperative banks to issue mobile wallets
26 May 2017 Current Affairs:

  • Reserve Bank of India decided to permit all licensed cooperative banks having their own ATM network to issue semi-closed prepaid payment instruments (PPI)s like mobile wallets.

  • A notification has been issued by RBI which enlists strict norms and conditions to be followed by cooperative banks before permitting them to issue wallets for utility bill payments and other activities up to a limit of Rs 10,000.


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