Ask HN: What is wrong with Reserve Bank of India?
This is a bit of rant but I'm also wondering if there is anything we (the Indian tech community) can do about it? If you're an Indian startup, I'm sure you must know that the Reserve Bank of India has the worst policies when it comes to charging a credit card. 1) In India, you cannot create recurring subscriptions as the RBI prohibits charging the credit card automatically. Not one Indian payment processor (I've talked to a many) gives you the option to create recurring subscriptions. Can you imagine where half the SaaS startups will be without recurring credit card subscriptions? 2) Add to that, Paypal to Paypal transfer within India is prohibited by RBI. Why? Because certain people used to evade tax by purchasing goods directly with their Paypal balance. So, instead of catching the tax evaders the RBI found it easier to ban the whole thing. They could have made it m
Why it failed
This is a bit of rant but I'm also wondering if there is anything we (the Indian tech community) can do about it? If you're an Indian startup, I'm sure you must know that the Reserve Bank of India has the worst policies when it comes to charging a credit card. 1) I
- Kind
- startup
- Status
- Shut down
- Inventor
- superasn
- Ended
- 2015
- Source
- hackernews