- The Reserve Bank of India, is likely to inform the Supreme Court before the end of this month that it is the National Payments Corporation of India (NPCI) that grants approvals to payment services like Whatsapp Pay as per information available.
- Also it is expected that RBI may also inform the Supreme Court that all payment companies operating in India, should localize the user data within the country.
- It may be recalled that in August 2019 the Supreme Court had advised the banking regulator, to submit a compliance report on the data localisation efforts taken up by the instant messaging platform owned by Facebook. The deadline to submit its response is November 29 this year.
- It is believed that the Apex Bank though is not the regulator for Unified Payments Interface (UPI) Payment services, it will provide a reply well within the deadline provided.
- Also it is learnt that without RBI’s filing a compliance report in the Supreme Court, Whatsapp cannot start its payment services in India since the issue of data localization is involved.
- Also, experts reveal that if the compliance report is not submitted within the stipulated time frame, the permission accorded to Whatsapp to conduct trials on one million users for its WhatsApp pay service should be withdrawn immediately.
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