Interoperability among mobile wallets, bank account and e-wallet will be enabled through Unified Payments Interface (UPI), the RBI said.

The UIDAI has only written to non-banking companies licensed to provide prepaid payment services - banks and payment entities like Paytm that have obtained banking licences have not received such notices.

The Reserve Bank of India (RBI) on Tuesday released guidelines to facilitate payments among different mobile wallets, a move aimed at promoting digital transactions.

Less than five months after Xiaomi launched its own instant lending platform Mi Credit to give MIUI users in India access to quick loans, it is ready for a bigger play in the lending arena.

RBI's local data storage norms kick in today; foreign firms seek more timeThe RBI's deadline for global financial technology (fintech) companies to comply with its data localisation norms kicks in today. Senior officials said the deadline will not be deferred despite requests from foreign companies as they have already been given six months to prepare their systems for local storage of data. Mastercard, Visa, PayPal, Google, Amazon and Facebook are reported to have met Finance Minister Arun J...

New consumer product companies get cracking.

The RBI had made it clear that global payment companies will have to store transaction data of Indian customers within India. The US government is backing its tech giants on the issue.

The central bank in April gave six months time to global payment companies to store transaction data of Indian customers within India. The RBI's data localisation norms will kick in from Monday.