Firms asked to make mobile wallets interoperable in 6 months
The RBI on Wednesday directed financial companies to make their wallets interoperable through the Unified Payments Interface (UPI) within six months. Interoperability will only be allowed for wallets which are compliant with Know Your Customer (KYC) norms. With this, users will be able to transfer funds between mobile wallet of one company or a bank to another as per requirements.