Customers in limbo as banks, payments firms, RBI thrash out differences

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Topics
debit card payment | RBI | Payments bank

Anup Roy & Subrata Panda  |  Mumbai 

The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety.

In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues – one concerning payment facilitators storing customers’ card details ...

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First Published: Mon, August 23 2021. 06:05 IST
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