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[Blaka]

In India, companies that aren't banks can offer electronic money services. The Reserve Bank of India (RBI) has rules for them, and if they want to provide electronic money services, they need to get a license from the RBI and follow the rules.

To be an electronic money institution, especially one that issues prepaid payment instruments (PPI), a company has to apply for a license from the RBI under the Payment and Settlement Systems Act, 2007.

Getting the license involves the RBI checking if the company is financially strong, has the right capabilities to run things smoothly, follows the rules, and does electronic money services the way it's supposed to according to the guidelines.

 

[IB DD]

A non banking entity can invest in Electronic Money Institutions within India. The condition however is that such a non banking entity should not have the majority shares in the Electronic Money Institution. The highest level of shares that the non banking entity can hold in an EMI is 49%.