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RBI orders online marketplaces to settle seller payments in 2 days

Reserve Bank of India (RBI) has mandated e-commerce firms to clear seller payments within two days from the date of intimation of the completion of transaction.

 

In response to a news portal, RBI’s makes it clear that the completion of transaction here means the act of making the payment, to which presently, the majority of e-commerce companies take a week to 15 days to settle payments to sellers.

 

It is reported that the online marketplaces have been ordered to follow the 2009 guidelines pertaining to the settlement of payments for electronic transactions involving intermediaries by RBI.

 

As per the latest new reports, this action is in response to a recent complaint filed by the All India Online Vendors’ Association regarding delayed payments from e-commerce companies.

 

Tags: RBI, reserve bank of india, online marketplaces, seller payments, e-commerce companies, e commerce companies, electronic transactions, All India Online Vendors’ Association, varindia

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