The regulatory guidelines for the PPI industry are three years old in the country. Entities are still learning the eco system and the business models are still evolving. Being new, non-bank entities are obviously focusing more on business than the processes. This is not very heartening from a regulatory perspective. Let me now conclude.
I have tried to highlight some of the important issues that the PPI industry should address to make this alternate payment channel scale up and become more vibrant. At the same time, certain concerns relating to non-adherence to regulations and laid down procedures have come to light during the first round of on-site inspections of some of the entities.