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Speculations if GPay banned by RBI?
Google pay, popularly known as GPay is a virtual payment mode and is in operation by millions of customers worldwide. The Reserve bank of India (RBI) elucidates on no payment systems managed by Google Pay. Does this mean GPay banned by RBI?
What happened between GPay and RBI?
The Reserve Bank of India in this matter claimed that Google Pay is operating in the country without required sanctions from the Central bank.
The RBI informed Chief Justice DN Patel and Justice Prateek Jalan on this episode. Reserve bank of India maintained the stand that GPay operated no payment system as it happens to be a third-party application.
Is GPay banned by RBI?
The NPCI i.e. the national Payment Corporation of India has shed light on this subject. NPCI clears the smoke over the GPay ban by the Reserve bank of India.
Several digital payment platforms in India are under the operation of the NPCI. It has also developed the UPI i.e. the Unified Payments Interface, used by the top digital wallets in India namely, Google Pay, Paytm, and PhonePe.
The ban over GPay has been trending on most social media platforms with a hashtag #Gpay banned by RBI (Google pay banned by RBI) and is confusing many users. But the NPCI soon clarified the hesitation stating GPay to be safe and secure.
Gay banned by RBI, NPCI clears the air:
While clarifying the NPCI has written GPay is authorized by the RBI. Google Pay and other similar companies provide applications to the PSO’s i.e. the Payment Service Providers. As a rule, the law indicates, “RBI has authorized NPCI as a Payment System Operator (PSO) of UPI and NPCI in its capacity as PSO authorizes all UPI participants. We would like to clarify that Google Pay is classified as Third-Party App Provider (TPAP) that also provides UPI payment services like many others, working through banking partners and operating under the UPI framework of NPCI. All transactions made using any of the authorized TPAPs are fully protected by the redressal processes.” (Source: gadgets.ndtv.com)
Who filed the PIL?
Abhijit Mishra is a financial economist who filed a PIL in the Delhi High Court. He claims GPay is sanctioning transactions without sufficient permission from the RBI.
RBI indicated that the GPay does not operate any payment system in India. For this reason, an authorization has not been made. As a whole, the hashtag that is been trending on social platforms has created an agitation.