‘Google, Amazon deposit acceptance under review’

RBI Deputy Governor M. Rajeshwar Rao on Friday said the central bank is examining whether deposit acceptance by Google and Amazon is within the prescribed laws and regulations, at a time when concerns about big tech firms’ play in the financial space are at a heightened level.

Both Google Pay and Amazon have announced partnerships with lenders to accept deposits in the country through their mobile phone apps.

“We are examining the issue regarding the regulatory implications, having regard to the applicable laws and the regulations that are prescribed for the thing. So, we are examining it,” Mr. Rao told reporters.

In its last financial stability report in June this year, the Reserve Bank of India (RBI) had warned against allowing big-technology companies into the financial services sector.

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Printable version | Nov 30, 2021 6:18:42 AM |

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