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| Google Pay not a payment system operator, doesn't need our nod RBI to Delhi HC |
The RBI has advised the Delhi Excessive Court docket that Google Pay is a third-party app supplier (TPAP) and would not function any cost programs. Due to this fact, the app's operations will not be in violation of the Fee and Settlement Methods Act of 2007, the RBI added.
The Reserve Financial institution of India (RBI) has advised the Delhi Excessive Court docket that Google Pay is a 3rd get together app supplier (TPAP) and doesn't function any cost programs. Due to this fact, its operations will not be in violation of the Fee and Settlement System Act of 2007, RBI has advised a bench of Chief Justice D N Patel and Justice Prateek Jalan.
RBI has additionally advised the courtroom that since Google Pay doesn't function any cost system, it doesn't discover a place within the listing of authorised cost system operators printed by the Nationwide Funds Company of India (NPCI).
The RBI's submissions got here in response to a PIL by monetary economist Abhijit Mishra who has alleged that Google's cellular cost app, Google Pay or GPay, was facilitating monetary transactions with out the requisite authorisation from RBI.
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Mishra has claimed that GPay was performing as a funds system supplier in violation of the Funds and Settlements Act because it has no legitimate authorisation from the central financial institution of the nation to hold out such features.
He has additionally contended that GPay doesn't determine in NPCI's listing of authorised 'cost programs operators' launched on March 20, 2019.