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Eko, Card Pro and Paul Fincap get wallet license from RBI

The Reserve Bank of India (RBI) has given Eko India Financial Services, Card Pro Solutions and Paul Fincap Private Limited prepaid payments instruments licenses to operate a wallet in the country. The RBI website shows that Eko Financial Services got its license in March 2015 and is valid up to March 2020. Card Pro Solutions and Paul Fincap's licenses are valid  up to June 2020 and were issued in June 2015. It's worth noting that earlier in the year, mobile VAS and Internet products company Spice Digital received a semi-closed pre-paid payments wallet license from the RBI.  The company was given the license in April and is valid till up to June 30, 2020. Gurgaon-based Eko India is a financial services company which acts as banking correspondents for State Bank of India, ICICI Bank and YES Bank. The company  provides no-frills bank accounts and deposit, withdrawal and remittance services to customers through mobile banking and its Eko Counters. Mumbai-based Card Pro Solutions is a smart card manufacturer and provides card based automation services for idustires such as telecom, health care, agriculture, automobile, clubs and gymkhanas, airlines among others. Chandigarh-based Paul Fincap Private Limited is a financial services company which offers money transfer, forex, travel & insurance and allied financial products. The company also provides gold loans. Aircel gets a PPI license: Telecom operator Aircel through its subsidiary, Aircel Smart Money Limited, secured  five-year prepaid mobile wallet license from the RBI enabling them to provide mobile wallet services to its subscribers, as reported by the Economic…

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