RBI has said cooperative banks with their ATMs network could issue semi-closed and open wallets, reports Medianama.
The apex bank has asked banks to have a core banking solution (CBS), and a minimum net worth of Rs 25 crore with gross non-performing assets (NPAs) less than 7% and net NPAs than 3% in the preceding financial year.
The RBI has added there should not be any default in maintaining cash reserve ratio (CRR) and statutory liquidity requirements (SLR) in the preceding financial year.
These banks will also have to undergo an audit of their IT systems and make sure that their core banking software (CBS) is compliant six months before applying.