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WhatsApp sets up system to store payments to meet RBI norm

Tuesday, October 9, 2018, 12:34 PM

Messaging platform WhatsApp Tuesday said it has set up a system in India that stores payments-related data locally in the country to comply with RBI regulations. The Reserve Bank of India (RBI), in a circular dated April 6, had said all system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India.
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Paytm Payments Bank is still not allowed to add new customers

Saturday, August 25, 2018, 1:22 PM

Paytm Payments Bank is still not allowed to add new customers and there is uncertainty over when this restriction would be lifted, said Paytm founder and Chief Executive Officer Vijay Shekhar Sharma. RBI had earlier directed the payments bank to stop adding new customers in July end. Shortly after, the central bank also, reportedly, asked Fino Payments Bank to stop enrolling new customers.
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Jio Payments Bank begins its operations

Wednesday, April 4, 2018, 4:14 PM

The Reserve Bank said on Wednesday that Jio Payments Bank commenced its banking services from Tuesday. Reliance Industries Ltd was one of the 11 applicants which were issued an in-principle approval for setting up a payments bank in August 2015. "Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018," RBI said.

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