The Reserve Bank of India’s latest circular that restricts loading prepaid instruments (cards, wallets) using credit lines has jolted the fintech industry. The wide interpretation as of now is that loading a wallet using a bank debit card or credit card is allowed, but taking a line of credit from non-bank (NBFC) and loading the wallet of the consumer is not allowed. While clarity is yet to emerge, there are couple of takeaways. The circular clearly indicates RBI’s intent of tightening...
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