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Monday, December 8, 2014

‘Uber complying with RBI norms for payment system’

The Reserve Bank of India today said that the US-based controversial cab operator Uber is complying with the central bank norms with regard to payment systems.

“My understanding is that they are complying (with the norms),” RBI Deputy Governor H R Khan said when asked whether Uber’s payment system is fully compliant with the Indian norms.

The company has been in the news as its taxi driver is facing rape charges and is currently in police custody. Police has also issued notice to the Indian functionaries of Uber to join investigation in the case.

The company had run into regulatory hurdles with the Reserve Bank raising objections to its payment system as it did not include the authentication process. It was asked to comply with the regulatory norms.

Talking to reporters, Khan said “We had given time (to Uber) up to November 30 to come to wallet system...they wanted some extension. We said it is not possible... they have now fallen in line,” he said.

The company has started using the mobile wallet system.

“Quite a few customers have boarded on mobile wallet system and that is how it is going to work....I think they are now going to (be) more or less what we had told them..,” Khan added.

Source : Thehindubusinessline


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