Banking and Financial News – 13 June 2014

Forex Reserves Up at $312.5 Billion as of June 6 - After declining for two consecutive weeks, India's forex reserves rose by $203.2 million to $312.585 billion in the week to June 6 on the back of gain in currency assets.

Pilot Scheme to allow drawals from semi-closed mobile wallets – RBI has kicked off a pilot project that will allow a few mobile payment providers to test cash withdrawal facilities for a small portion of their semi-closed mobile wallet users. Sender’s and Receiver’s wallets will be seeded with Aadhar number. On the transfer of money, Receiver, who does not have a bank account, goes to an mRUPEE outlet, establishes his identity and draws the cash. (The Hindu)

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Mobile Wallets are digital products that can be loaded usually through a mobile payment provider or telecom operator and can be used to purchase goods electronically. Semi-closed mobile wallets do not require the user to have a bank account. can add cash, but can’t draw it out.

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