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Eight challenges wallets will face with RBI’s draft guidelines; our take

The Reserve Bank of India's (RBI) draft circular on wallet guidelines has prescribed some tough norms for companies. We take a look at some of the rules and guidelines which wallet companies will have to navigate.  Comments, suggestions and feedback will have to be sent in by  March 31, 2017. 1. Net worth requirements: The RBI said that wallet companies will have to have a minimum net worth of  Rs 25 crore, a sharp turn from the earlier regulatory norms for wallets included a minimum paid-up capital needed of Rs 5 crore and a minimum net worth of Rs 1 crore. Companies will have to abide by the capital requirements by the year 2020. MediNama's take: The RBI is giving a clear signal that it only wants wallet players to who can put more skin in the game. Wallet companies…

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