PayPal India to resume fund withdrawals
The company is making changes to comply with Indian regulations to allow for bank withdrawal services, but personal payments remain suspended.
PayPal has received the green light from the Reserve Bank of India to resume bank withdrawals for settlements involving exports of goods and services, but personal payments remains suspended.
In a blog post Friday, Farhad Irani, head of PayPal Asia-Pacific wrote that RBI has allowed PayPal to resume bank withdrawals for the exports of goods and services. The company is now making changes to comply with Indian regulations and "anticipates" it will be able to resume bank withdrawal service for settlements effective March 3.
However, personal payments remain suspended as PayPal still needs specific government approval to allow personal-inward remittances to India.
The e-payment services provider last month halted its services in the country as a result of India's revised licensing laws.
Read more of "PayPal India to resume fund withdrawals" at ZDNet Asia.