• RBI Against Shopping With Phone Balance

    RBI Against Shopping With Phone Balance

    Techtree News Staff, Feb 16, 2009 1637 hrs IST

    Also imposes stringent conditions on prepaid coupons

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A proposal to allow prepaid mobile phone users to utilize their mobile phone balance for shopping has been scrapped. Opposition to the proposal has come from none other than the Reserve Bank of India (RBI), while the Central Bank too is not in favor of the idea.        


According to an Economic Times report, if your mobile phone credit is used in lieu of cash, it will affect the "efficacy of monetary policy".


Interestingly, the RBI is also looking into lunch coupons being issued to employees by many organizations. It has already imposed stringent conditions on such prepaid coupons.


Earlier there had been a suggestion to use mobile phone balance to buy goods and services other than just mobile content.

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