The Warpath of The Reserve Bank of India

in WORLD OF XPILARlast month

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The Reserve Bank of India has recently been very active where they have been in an absolute Warpath for almost everything they can put their eyes on.
For starters RBI imposed a stoppage of INR deposits into PayTM Wallets when they violated the terms given by the Reserve Bank of India which tumbled the stock price of PayTM like nothing ever.
Next we have the Reserve Bank of India imposing a ban on Gold Lending for IIFL Finance which is a Gold Lending Company. So a company that deals with gold vd not being able to sell Gold is like a deathblow for them.
Then we also see RBI taking a stance on the Investing of Money into Small Cap Mutual Funds as they feel like investor security should be maintained as Small Cap Funds get riskier.

But it seems The Reserve Bank of India has set it's sight in yet another aspect of our Financial Lives and that is the P2P Credit Card Transactions which is usually used for Rent Payments.

So according to The Reserve Bank of India there should not be any P2P transaction as Credit Cards should only be used for Person to Merchant transactions and anyone doing P2P transactions are guilty.
So now Fintech companies that have been providing us with these services will definitely have a facedown with the Apex Bank of India. By doing this I feel like RBI will once again cause a lot of issues for the genuine people who use this services every single month. But at the same time I do know that there are indeed people who exploit these features a lot and withdraw Cash via Credit Card without a significant charge.

I am a guy who uses these features from Fintech Companies to pay my rent and maintenance fees every single month and my Landlord loves it too but now I might not be able to do that anymore in the oning months. So yeah I am not that happy with this new Warpath of RBI.

Do any of you guys pay your rent via Credit Card and if so then what impact would this new update make on your Life?

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