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Cooperative banks can now issue mobile wallets

Cooperative banks are now allowed to issue prepaid payment instruments like mobile wallets. The Reserve Bank of India said those cooperative banks, which are permitted to install ATMs and issue debit cards, can also issue these instruments. The RBI laid down strict norms and conditions to be followed by the cooperative banks while they issue semi-closed PPIs. This is subject to the compliance with eligibility criteria and other guidelines as prescribed by the department of payment and settlement systems, the central bank said. There are also several other criteria like these banks should be CBS compliant, with net non-performing assets being less than 3% and also being profitable in the previous financial year. Besides, the banks should have internal and audit inspection processes both for its branches as well as the head office.

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