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E-wallet companies choke on new RBI norms
Wednesday, March 22, 2017, 11:48 AM
The Reserve Bank of India's (RBI's) tough new guidelines for digital wallet companies has left the sector gasping. The Central bank, in guidelines issued late on March 20, has raised the minimum capital requirement for digital wallet providers by around five times to Rs 25 crore, mandated full compliance with Know-Your-Customers (KYC) norms, and introduced limitations on domestic remittances.
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