Payments Council seeks government help post RBI’s fintech order

The Payments Council of India (PCI) and several fintech firms have urged the government to step in to resolve the fallout from a recent directive by the Reserve Bank of India (RBI) that barred payment companies from loading credit lines onto wallets and prepaid payment instruments (PPIs).

The council – under the Internet and Mobile Association of India (IAMAI) – said wallets that comply fully with know your customer (KYC) norms should be treated on par with bank accounts, and that they should be allowed to disburse credit.