Lowdown: Revised RBI guidelines on wallets which will allow interoperability on UPI
Will wallet users need to link Aadhaar to their wallets? MediaNama reader Srikanth points out that that the RBI is using a hack not using Aadhaar directly on regulation instead offloading into Prevention of Money Laundering Act (PMLA) regulations which may be “amended from time to time”. Currently, the PMLA regulations mandate that all citizens should link Aadhaar to their bank accounts and this will follow for wallets as well. Bottom line, we may have to link Aadhaar to all wallets now.