In a delighting move, the Reserve Bank of India has permitted banks to have ties with eCommerce companies while acting as a banking correspondent.
“Banks will have to take cognizance of eCommerce the way it is galloping,” said RBI deputy governor H R Khan.
“Banks will see there is competition and opportunity for cooperation as well with eCommerce firms. We will have to see how we provide a platform between eCommerce and banks,” added Khan.
In the past, banks have jointly ventured with several telecom companies to make fast transfer of funds possible. Also, such tie-ups have facilitated customers to transact through mobile banking. eCommerce transactions have picked up pace in the past year or so, with several companies offering steep discounts on online shopping.