cryptohunter
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In India, the Reserve Bank of India (RBI) oversees electronic money institutions, like a boss. They follow rules laid out in the Payment and Settlement Systems Act, 2007 (PSS Act). The RBI has the power to regulate and watch over payment systems, including electronic money.
If you want to be in the electronic money game, you need a license from the RBI. They call it a prepaid payment instrument (PPI) license. This license comes with a set of rules from the RBI about how to run your show.
The whole point of these rules is to keep payment systems steady and smooth, while also making sure people don't get ripped off. The rules cover things like how much money you need, protecting customers, handling risks, and reporting stuff. It's like the RBI is the sheriff making sure everyone plays fair in the electronic money town.
If you want to be in the electronic money game, you need a license from the RBI. They call it a prepaid payment instrument (PPI) license. This license comes with a set of rules from the RBI about how to run your show.
The whole point of these rules is to keep payment systems steady and smooth, while also making sure people don't get ripped off. The rules cover things like how much money you need, protecting customers, handling risks, and reporting stuff. It's like the RBI is the sheriff making sure everyone plays fair in the electronic money town.
