RBI reviews closed-system wallets after Blu-Smart’s demise
Users of electric cab company, which halted operations in April, were unable to access funds
The Reserve Bank of India is reviewing digital wallets provided by electric vehicle (EV) firms after the collapse of Blu-Smart left users unable to access their funds.
Blu-Smart, the BBC reported in April, had India’s largest fleet of electric cabs and was once hailed as a rival to Uber. However, last month its services were halted in the three cities it operated in – Bengaluru, Delhi and Mumbai – after the Securities and Exchange Board of India (Sebi) accused its owners of improperly diverting
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