cryptohunter
Active member
- PPF Points
- 2,568
In India electronic money institutions (EMIs) stick to the rules laid out in the Payment and Settlement Systems Act, 2007. They make sure to follow these rules set by the Reserve Bank of India (RBI).
Before EMIs can start doing their thing, they go through a strict approval process with the RBI. This involves the RBI checking out their business plans, financial stability, and if they.re following the right standards. Getting the green light from the RBI is a crucial step for EMIs to legally operate in the Indian payment world.
Another part of following the rules is keeping the .RBI in the loop. EMIs have to regularly give updates and reports to the RBI. This helps the RBI keep an eye on what EMIs are up to and make sure they're following the Payment and Settlement Systems Act.
Before EMIs can start doing their thing, they go through a strict approval process with the RBI. This involves the RBI checking out their business plans, financial stability, and if they.re following the right standards. Getting the green light from the RBI is a crucial step for EMIs to legally operate in the Indian payment world.
Another part of following the rules is keeping the .RBI in the loop. EMIs have to regularly give updates and reports to the RBI. This helps the RBI keep an eye on what EMIs are up to and make sure they're following the Payment and Settlement Systems Act.
