..............Owned by eBay, PayPal moved out of India in phases because of Reserve Bank of India (RBI) regulations that treated it as a quasi-financial body since it offers services like the online wallet that allows users to store money in the online account. RBI wanted PayPal to transfer the money to banks within a pre-determined timeframe instead of holding the money in its online account. In effect, it only allowed PayPal to function as a payment gateway, limiting the scope of its platform. “RBI placed some restrictions because they didn’t want frauds to happen,”..............
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