India's central bank reports: payment banking industry losses increase 21% in fiscal 2019

According to CoinGape, the Reserve Bank of India (RBI) recently reported the failure of another payment bank and also clarified its position on crypto issues. Although Vodafone's M-pesa has achieved great success in Africa, it has not shown any momentum in India. Therefore, the company decided to waive the PPI license. The Reserve Bank of India announced the cancellation of Vodafone's CoA license after a series of actions. According to a recent trend report, the Reserve Bank of India reported that total losses in the payment banking industry increased from INR 72 million in FY 2018 to INR 88 million in FY 2019 (as of March), an increase of 21%. Aditya Birla Group, which owns the Idea business, also withdrew from the service. It is reported that 11 companies are authorized to operate payment business in the country. India gave green lights to companies such as PayTM, Bharti Airtel, and Vodafone in 2015. However, as losses continue to increase, players are now withdrawing. According to previous news from the Odaily Planet Daily, the Indian Internet and Mobile Association (IAMAI) submitted a petition hoping that the Indian central bank would reconsider the 2018 circular, which instructs regulated entities not to buy or sell cryptocurrencies. In this regard, the Reserve Bank of India said that it did not ban cryptocurrency transactions, but isolated the regulated entities such as banks to protect them from related risks.