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RBI halts operation of remittance portal
NEW DELHI, FEB 14 (AGENCIES)
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Published on 14 Feb. 2010 11:41 PM IST
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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.

 
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