MobiKwik withdraws 6% annual profit on wallets
MobiKwik has reportedly withdrawn 6% annual profit announced last week on wallets maintaining a monthly balance of ₹5,000 or more. It was withdrawn after the Reserve Bank of India (RBI) stated that mobile wallet companies are not permitted to mobilise deposits by offering cash back in nature of interest. Notably, RBI had earlier rejected MobiKwik's application for payments bank licence.