 "RBI to bring out guidelines on e-tail")
Reserve Bank of India (RBI) is concerned about e-commerce transactions and it will soon come out with guidelines on the same, according to RBI Deputy Governor HR Khan.
"There are some issues, which we are trying to look at. E-commerce is innovative and we cannot push away, so we will see... We are looking at coming out with some guidelines on it," Khan said on the sidelines of a National Payments Corporation of India event on Wednesday.
He, however, did not elaborate what the specific concerns of the regulator are. In August, RBI had found that taxi aggregator Uber was flouting payment norms and asked it to comply by October 31, for which the company has sought more time.
Uber's payment procedure falls short on the two-step user authentication system as laid out by RBI.
According to RBI official, the central bank is comfortable with the level of current account deficit (CAD). Later this month, RBI will release data on CAD and balance of Payments for the September 2014 quarter.
India's CAD for the first quarter of FY15 narrowed sharply to $7.8 billion (1.7 per cent of the gross domestic product or GDP) from $21.8 billion (4.8 per cent of GDP) in the corresponding quarter of FY14.
"There are some issues, which we are trying to look at. E-commerce is innovative and we cannot push away, so we will see... We are looking at coming out with some guidelines on it," Khan said on the sidelines of a National Payments Corporation of India event on Wednesday.
He, however, did not elaborate what the specific concerns of the regulator are. In August, RBI had found that taxi aggregator Uber was flouting payment norms and asked it to comply by October 31, for which the company has sought more time.
Uber's payment procedure falls short on the two-step user authentication system as laid out by RBI.
According to RBI official, the central bank is comfortable with the level of current account deficit (CAD). Later this month, RBI will release data on CAD and balance of Payments for the September 2014 quarter.
India's CAD for the first quarter of FY15 narrowed sharply to $7.8 billion (1.7 per cent of the gross domestic product or GDP) from $21.8 billion (4.8 per cent of GDP) in the corresponding quarter of FY14.
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