NO Credits in Paytm, Ola Money, Google Pay Hereafter?? RBI Banned. Reserve Bank of India-RBI now banned the non-bank entities like Paytm Postpaid, Jupiter, and Ola Money from giving credits. That is RBI restricted the Non-Banking Financial Company (NBFC) on giving credits on the repaid payment instruments (PPIs) such as e-wallets or prepaid cards. To know more stay tuned with us.
RBI restricted the NBFC to taking a line of credit from an NBFC and then loading the wallet of the consumer at the time loading a wallet using a bank issued card is allowed by RBI. Challenger credit cards like, Slice, OneCard, and Uni and the post-paid services like Paytm Postpaid, Ola Postpaid, and Flipkart Pay Later get the backlog from this scheme.
Consumer can take the money into your bank account and pay from the bank. NBFC is now having the restriction to issue cards and Wallet providers aren’t allowed to issue credit. The reason for this sudden ban is that the protection purpose of the consumers. To get the recent and trustable updates frequently follow our page.
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