NEW DELHI : Corporates and other business entities offering electronic payment facilities such as e-wallets and smart cards under different brands must also disclose their own identities while promoting such services in the market, according to a direction from the Reserve Bank of India. It said while the entities offering such services generally obtain RBI permission under the Payment and Settlement Act, 2007 (PSS Act), they sell these offerings under specific brands without disclosing the names of the companies which, though possess the permission under the PSS Act. The business entities have different brands for different products which may be other than the names of such entities. “It has come to our notice that many authorised entities, which use specific brand names for their products like e-wallets, smart cards, White Label ATMs (WLAs), etc, do not disclose/disseminate their own company name in the information made available to the users of their products. The public may thus not be able to correlate a product brand name to the name of the entity/company authorised under the PSS Act”, RBI said. As per the instructions, all the information regarding the product, whether as advertisements, on website, application form, etc should prominently carry the name of the entity/company authorised by RBI under the PSS Act. The authorised entities/companies should also regularly keep RBI informed regarding the brand names employed / to be employed for their products.
(AGENCIES)
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