New draft rules to add another regulator, say mobile wallet firms

For mobile wallet entities, the new set of guidelines from the government under the draft Information Technology (Security of Prepaid Payment Instruments) Rules, 2017, issued for public consultation, means yet another body they'd have to consult before conducting any business.

Till now, they say, they only had to adhere to Reserve Bank of India guidelines. "It means more going to two bodies for checks and balances; more paperwork for us. What they should do is to form a separate body altogether, handling all sorts of guidelines around online payments," said a senior executive of a mobile wallet entity. The new draft