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Delhi High Court Seeks Reserve Bank of India Response

Delhi High Court Seeks Reserve Bank of India Response

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  28 May 2019 9:50 AM GMT

New Delhi: The Delhi High Court on Monday asked RBI to file response on a plea challenging PayTM Post Paid wallet operation stating that it is illegal and unauthorized. A Division Bench headed by Chief Justice Rajendra Menon asked RBI and PayTM payment banks to file reply on the plea and listed the matter for September 3 for further hearing. The court was hearing a PIL filed by economist Abhijit Mishra through advocate Payal Bahl. In his plea, Mishra said that PayTM Post Paid Wallet operations is illegal as credit and lending activity by the wallet is not authorized under the provisions of the Reserve Bank of India’s Guidelines for Licensing of payments banks. (IANS)

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