Update: In a conversation with MediaNama, MobiKwik's COO Mrinal Sinha said that the company is talking to the RBI to clear matters on the scheme. He also said that the communication on the offer wasn't clear enough and that the company will be continuing the scheme as a loyalty programme. He added that MobiKwik has no intentions of building a deposit base. "We have seen that users sometimes spend more than Rs 10,000 on the wallet, so we introduced this scheme so that they would not keep loading their wallet again and again and offer them some reward in the form of cashbacks," Sinha added. Regarding, the 'core portion' of the funds used to earn interest in a separate account, Sinha did say that this was a revenue stream for the company. Separately, MobiKwik CEO Bipin Preet Singh sent a statement: MobiKwik is the most rewarding loyalty platform for users. Loyalty points, incentives, cashbacks, etc. are among the benefits to MobiKwik users for going cashless. We launched the profit cashback offer as part of an overall package of incentives, to reward our existing users and encourage more users to load & therefore transact on MobiKwik. There were certain concerns on the language of the campaign that were flagged to us and we are working with the regulators in resolving these concerns so we can continue with the offer. Earlier: Digital wallet MobiKwik has withdrawn its offer of '6% annual profit' to customers who hold a wallet balance above Rs 5,000 after the…
