RBI permits banks-eComm tie-ups

Now banks can jointly venture with eCommerce players with RBI's permission.
RBI permits banks-eComm tie-ups

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.

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