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Reserve Bank of India orders card network to stop unauthorized B2B payment system.


Date: 16-02-2024
Subject: Reserve Bank of India orders card network to stop unauthorized B2B payment system
India's central bank said on Thursday it has ordered a card network, without naming the company, to stop using an unauthorized route to make business-to-business card payments.


The Reserve Bank of India said certain commercial payments were being routed through third-party intermediaries, which did not comply with its payment and customer identification rules.


As the matter is under detailed examination, the card network has been advised to keep all such arrangements under abeyance, till further orders, the RBI said.
The central bank added that it has not placed any restriction on the normal usage of business credit cards.

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Source Name : Economic Times

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