Two weeks ago, I had profiled Wallet365, the ‘E-Wallet’ launched by the Times of India group, expressing my skepticism about TOI’s ability to make a success out of this. It seems that TOI has been saved the blushes by the Reserve Bank of India.
For, the RBI has banned electronic purse schemes being run by non-banking institutions as per this report. While the report does not specifically name Wallet365, its not difficult to add two and two together and make sense out of this. The report however, does not seek to explain the rationale behind RBI’s move.
Not sure, if this can be termed a retrograde step for the fledgling Indian internet economy.
yes, i have also seen this, initially one could transfer money into wallet account and transfer wallet365 to any account with an email id.
Now one can use only bank accounts to transfer money and that too only a few bank accounts are there, Guess I have to go back to the credit card method.
I really hope they fix this problem soon. But still what can they do if the govt wont support.
rgds
jason