IMGCAP(1)]
All electronic and online purchases initiated in India must settle within two days, the Reserve Bank of India ruled 25 Nov. The bank also ruled that all payments to merchants not involving funds transfers to nodal banks should be done within two days from the time of the transaction, while those that involve funds transfers to banks should be done within three days. Under the notification of the ruling, the central bank also said banks must convert existing accounts used to collect payments for electronic transactions into internal accounts within three months. In India, banks credit consumers' e-commerce transactions and mobile and bill payments to the accounts of intermediaries, which then transfer the funds to merchant accounts upon settlement.
