RBI Gives Uber Extension for New Standards

Uber has been granted an extension by the Reserve Bank of India (RBI) to comply with new payment regulations, which require a two-step authentication process for credit card transactions within India. The RBI's rules aim to enhance security and prevent companies from bypassing local regulations by using overseas payment systems. Uber, which has a significant market presence in India, must adapt its payment methods to meet these requirements. The company is under pressure to address these compliance issues, especially as it continues to attract significant investments, such as a recent $210 million investment by SoftBank.

What relief did the Reserve Bank of India provide to Uber?

• An increase in credit limits

• A permanent exemption from regulations

• A month-long extension to comply with payment rules

• A reduction in transaction fees

What is the core issue with Uber's current payment system according to the RBI?

• It lacks a two-step authentication process

• It is not user-friendly

• It charges excessive fees

• It is too slow

How does Uber currently handle credit card transactions?

• By using a two-step authentication process

• By storing details and routing payments outside India

• By using cash payments only

• By storing details and routing payments within India

Why is the Indian market significant for Uber?

• It has the least competition

• It is the smallest market outside the US

• It is the largest market outside the US

• It has the highest transaction fees

Which company recently invested in a competitor of Uber in India?

• SoftBank

• Amazon

• Microsoft

• Google