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.

How does Uber's current payment method differ from the RBI's requirements?

What steps must Uber take to comply with the RBI's regulations?