India: RBI mulling over ecommerce guidelines

Friday 5 December 2014 13:32 CET | News

Deputy Governor HR Khan has informed that the Reserve Bank of India (RBI) has been mulling over ecommerce transactions issues which will be met with new guidelines, reports.

In August 2014, the RBI found that US-based taxi aggregator Uber was flouting payments norms and asked it to comply by 31 October 2014, for which the company has sought more time. Uber was following its practice that falls short on the two-step user authentication norms as laid out by RBI.

Khan has said the RBI will come out with final guidelines on trade receivables discounting system, a draft of which was issued in July 2014. Under the guidelines, both factoring and reverse factoring will be allowed.

In regards to the Budget announcement of bond buybacks as to extend the maturity and reduce repayment burdens, Khan did not give an exact timeline or quantum of the mop-up and limited to saying that it will be done by March 2015.

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Keywords: India, RBI, mull over, ecommerce, guidelines, transactions , merchants, e-tailer
Categories: Payments & Commerce
Countries: World
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