Central Banking

RBI group okays e-money

INDIA - The RBI Working Group on electronic money has said that e-money could be used as a substitute for the central bank notes and coins even though it would not be "desirable" to place any limit on storing monetary value in e-money.

E-money has been defined as an electronic store of monetary value on a technical device.

Chaired by Mr Zarir Cama, CEO, HSBC, India, the Working Group was set up by RBI to examine the use of e-money in India. The group has said that issuance of e-money on a credi