According to the Reserve Bank of India (RBI), the mobile operators cannot offer cash-out facilities to users as these services should be provided by banks.
RBI is of the view that allowing mobile operators to provide a cash-out facility from virtual wallets to customers, would amount to bypassing the bank?s involvement. However, RBI is open to the possibility of mobile operators offering the service, if they agree to act as a business correspondent (BC) to banks.
At present RBI does not allow encashment of the balance available in mobile wallets. Mobile operators have requested RBI to allow them to offer a cash-out facility to their subscribers.
