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Co-operative banks can now issue open and semi-closed wallets: RBI

It looks like there might be more wallets coming in. Now, co-operative banks will be allowed to issue semi-closed and open wallets, the Reserve Bank of India (RBI) said in a notification. The RBI said that all licenced co-operative banks with their own ATM network can issue semi-closed prepaid payment instruments (PPIs). But to issue open system wallets, the RBI has added other requirements. The co-operative banks will have have to have a core banking solution (CBS), and a minimum net worth of Rs 25 crore with gross non-performing assets (NPAs) less than 7% and net NPAs than 3% in the preceding financial year. The RBI also said that there should not be any default in maintaining cash reserve ratio (CRR) and statutory liquidity requirements (SLR) in the preceding financial year. Co-operative banks will have to have made a net profit…

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