RBI supports Google Pay from economist Mishra’s lawsuit

Since, Google Pay is a third party app provider. And it does not operate on any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.

RBI supports Google Pay from economist Mishra’s lawsuit . Recently, a PIL was filed by financial economist Abhijit Mishra. Because, he has suspected that Google Pay was facilitating financial transactions. However, without the requisite authorization from RBI. The RBI has responded back to the accusation.

The Reserve Bank of India told Delhi High Court the following. Since, Google Pay is a third party app provider. And it does not operate on any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007. Furthermore, RBI also stated it does not Google Pay in the list of authorized payment system operators. Published by the National Payments Corporation of India (NPCI). RBI told the bench of Chief Justice D N Patel and Justice Prateek Jalan.

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RBI Authorizes Google Pay

Mishra has claimed that Google Pay was acting as a payments system provider. Which, was in violation of the Payments and Settlements Act. Because, it has no valid authorization from the central bank of the country to carry out such functions. Also, he has contended that Google Pay does not figure. In the NPCI’s list of authorized “payment systems operators”. Which was officially released on 20th March, 2019. However, the bench said the matter requires detailed hearing. Since, it affects other third party apps listed, on 22nd July, 2020.

Google Pay has been out listed from Jurisdiction of Accusations. Mishra has been declined the right of allegation on a MNC. Therefore, Google LLC has successfully secured legislation in favor in another scandalous lawsuit. Henceforth, RBI associates have also stated that RBI supports Google Pay from economist Mishra’s lawsuit . Also, as much as it is appreciated to receive such notices that would empower Indian Economy. It finds it atrocious to see citizens divulge in lawsuits in this unfortunate time. Given their ignorance and lack of knowledge on the matter.

But, even though the legal action has been declined. Sources have stated that Abhijit Mishra as an economist still finds it difficult to accept the rule application. It is however, possible that he may seek further guidance for future actions to be taken.