E-commerce firms must settle seller payments in 2 days: RBI
The Reserve Bank of India (RBI) has mandated e-commerce firms to settle seller payments within two days from the date of intimation of completion of transaction. This comes after All India Online Vendors Association (AIOVA) filed a complaint in August alleging e-commerce firms delayed payments to sellers. Currently, majority of those companies reportedly take 7-15 days to settle the payments.