Fresh allegations: ‘Uber broke Indian financial rules’
Central bank governor says Uber uses way of bypassing regulations to conduct transactions overseas Indian regulations
NEW DELHI:
India’s central bank chief blasted Uber, already under fire over the alleged rape of a passenger, saying the US taxi-hailing firm violated the country’s financial regulations by using an overseas payment system. A row over the highly valued start-up’s financial transactions erupted in India earlier this year after domestic taxi firms complained Uber was not following the country’s two-step authentication system for e-commerce credit card payments. “They (Uber) were using a way of bypassing our regulations to conduct transactions overseas which were in violation” of Indian regulations, the central bank governor Raghuram Rajan told NDTV. Uber, which has been engaged in judicial fights with governments around the world over safety and licencing issues, has said it is committed to protecting its passengers in India and globally.
Published in The Express Tribune, December 28th, 2014.
India’s central bank chief blasted Uber, already under fire over the alleged rape of a passenger, saying the US taxi-hailing firm violated the country’s financial regulations by using an overseas payment system. A row over the highly valued start-up’s financial transactions erupted in India earlier this year after domestic taxi firms complained Uber was not following the country’s two-step authentication system for e-commerce credit card payments. “They (Uber) were using a way of bypassing our regulations to conduct transactions overseas which were in violation” of Indian regulations, the central bank governor Raghuram Rajan told NDTV. Uber, which has been engaged in judicial fights with governments around the world over safety and licencing issues, has said it is committed to protecting its passengers in India and globally.
Published in The Express Tribune, December 28th, 2014.