RBI Allows Co-operative Banks To Issue Mobile Wallets

The Reserve Bank of India has allowed co-operative banks, who are permitted to install ATMs and issue debit cards, to also issue prepaid payment instruments like mobile wallets. In a notification issued late on Thursday, RBI laid down strict norms and conditions to be followed by co-operative banks before permitting them to issue wallets for utility bill payments and other activities up to a limit of Rs 10,000. It has been decided to permit all licenced co-operative banks having their own ATM network to issue semi-closed PPIs