Reserve Bank of India

PayPal has unveiled its intention to deprive its Indian customers of the ability to withdraw funds from accounts electronically.

Earlier this year, the e-payments company had to suspend temporarily personal payment transactions from and to India, when the Reserve Bank of India (RBI) concluded that PayPal was not in compliance with all relevant regulatory requirements.

With the Reserve Bank of India (RBI) increasing the cap on mobile banking to Rs 50,000 a day, more than 50 per cent of account holders are expected to come under this platform in the next five years, a leading service provider said.
"The recent hike in the limit of mobile banking transactions by the Reserve Bank will be a boost for the industry and will bring more than 50 per cent of Indian bank account holders under the ambit of this platform by 2015," mobile payment service provider PayMate Managing Director Ajay Adiseshann told.

Today one of our readers found an interesting interview of CNBC-TV18 with Hemendra Kothari, Chairman, DSP Merrill Lynch, published at moneycontrol.com and decided to share it with you, our dear readers. We hope that you will enjoy this interview and find something new and useful for yourself.