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❓ASK Can electronic money institutions offer interest-bearing accounts or investment products, and what are the regulatory considerations?

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Blaka

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In India, electronic money institutions can't give you interest on the money you keep in their wallets or accounts. The Reserve Bank of India (RBI) has rules that stop them from doing that.

These electronic money places are mainly for digital transactions and moving money around. They help you store and use money online, but the money in your account doesn't grow with interest.

If you want interest on your money, you'll have to check out regular banks and financial institutions. They have different rules and can offer interest on your account. The RBI keeps these rules tight for electronic money places to make sure they stay separate from regular banks and keep the whole money system steady.
 
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Electronic Money Institutions in India are not even allowed to take deposits. That implies that they are not allowed to offer savings account to the customers. Their major function within the ecosystem is to help to circulate money around. They can't offer interest bearing accounts.
 
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