..........While the RBI’s general concern for consumer protection may be valid, in this case, by requiring two-factor authentication, the RBI could be accused of standing in the way of financial innovation. It appears to be telling taxi companies: you are competing on a mediocre level-playing field in a regulatory system that disregards innovation. It seems to be telling consumers: you do not have the freedom to make a choice between convenience and safety. The RBI does not allow a consumer the freedom to waive this high-security procedure even for a transaction of Rs 500. The root cause of this is........
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