Online Payments

The process is expected to be completed by the end of this year

The move is in compliance with RBI’s data localisation norms

It has also been storing data of Indian users in local servers since October 2018

RBI governor Shaktikanta Das revealed the plans during a press conference on April 4

RBI proposed to set up a framework for quick redressal of customer complaints

The framework will be put into place by the end of June 2019

All transactions are done over secure bank networks and all communications are done through encrypted channels

It offers instant banking services using a single identity such as name, QR code, or the mobile number of the user

Apart from paying mobile, water, and electricity bills, people can use the Wallet for wallet-to-wallet and wallet-to-bank transactions and to send money to others

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