Breaking News
Nagaland Post Logo
You are here:  Skip Navigation LinksHome » Show story
RBI halts operation of remittance portal
Published on 14 Feb. 2010 11:41 PM IST
Print  Text Size

Online money transfer service provider PayPal has been asked by Reserve Bank of India (RBI) to stop its operation in India. RBI spokesperson said that according to regulations, a company needs to be registered with Reserve Bank of India (RBI) to offer money transfer services inside the country and as PayPal had not registered, it was asked to close down its operations in providing money transfer services here, stated Times news. RBI spokesperson, however, said PayPal can resume operations once it secures registration with Reserve Bank of India (RBI). This has caused a lot of inconvenience to India-based users as they were caught unawares. In a blog message, the company’s spokesperson said that personal payments to and from India will be suspended for at least a few months until the company fully resolves all licensing issues with the banking regulator. The US-based money transfer company is being used by many Indians to transfer funds from outside India. After receiving the money in one’s account with PayPal, a recipient transfers it to his bank account.

Comments:(0) Login or Register to post your Comment
(Available for registered users only)
More News
  • 1
  • 2