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Everest Fleet in talks with BluSmart lenders to acquire electric cabs
Everest Fleet plans to purchase BluSmart EVs and integrate them under Uber Green; talks underway with multiple lenders; decision based on pricing and quality
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Everest Fleet, one of the largest fleet partners in India for cab-hailing firm Uber, is in discussions with some lenders to take possession of cars previously operated by the now-defunct cab booking service BluSmart. While the final number of electric vehicles (EVs) to be procured is yet to be determined, the company said the decision will depend on the quality and pricing of the available fleet. Once possession is complete, all the cars will operate under Uber Green, the platform's dedicated electric vehicle (EV) cab service.
'We are talking about it. We are engaging with a few lenders of BluSmart
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Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Government Lessons From the BluSmart Case: Why the RBI Must Act Now on Digital Wallets Sarthak Gupta 11 minutes ago The BluSmart incident reflects a clear regulatory gap in the manner in which the RBI has decided to govern the digital wallets. Reserve Bank of India. Photo: CC BY-SA 2.5, via Wikimedia Commons Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now Another Indian financial watchdog has found itself quietly drawn into the BluSmart saga —this time, it's the Reserve Bank of India (RBI). According to reports, last month, the RBI initiated consultations with stakeholders to assess the viability and regulatory framework of digital wallets. This comes in the wake of thousands of BluSmart users, who had preloaded funds into their BluSmart's digital wallet for booking airport and intra-city rides, suddenly finding themselves unable to use, withdraw, or transfer their money. It was only after significant public outcry that the company announced it would refund the money, though it would take at least three months for users to get their funds back. It's important to note that BluSmart is one of India's largest consumer-facing mobility companies. Had this happened with some smaller regional business – say, a local coffee chain – users might not have got even a chance to recover a single rupee. The business could have shut down overnight, leaving customers with little more than hope. The incident reflects a clear regulatory gap in the manner in which the RBI has decided to govern the digital wallets. Differential treatment In 2009, the RBI for the first time decided to regulate digital wallets in the country, and since then, it has broadly categorised digital wallets into two buckets – open system wallets and closed system wallets. The first one, i.e., open system wallet, allows users to make payments not just to the entity which has issued these wallets but also to certain third-party entities after users load them from their preferred payment option – debit card, netbanking, etc. For example, the Phone Pe Wallet (not to be confused with Phone Pe UPI). The user just needs to load the Phone Pe Wallet and then can use the same for services within their Phone Pe app, like mobile recharges or insurance purchases and also on other platforms such as Amazon for shopping or Zomato for food delivery. There are specific rules governing these open system wallets. 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As per the RBI, since 'these instruments cannot be used for payment or settlement for third-party services,' their issuance and operation do not require approval or supervision from any regulatory authority. It is worth noting that this was not always the case. In the initial years when the RBI began regulating such digital wallets in the country, it had imposed certain limits and reporting requirements on entities offering closed system wallets. However, the most recent regulatory framework—specifically the version issued in 2021 —does not impose any such obligations. Hence, as long as funds are circulated internally within the entity which has issued the wallet, such arrangements are not subject to regulatory oversight. The only document that governs the relationship between the wallet issuer and user is the terms and conditions prepared by the wallet issuer and accepted by the user. Users hardly have any bargaining power to get any change accepted in the standard terms and conditions. For instance, if you refer to Clause 10 of BluSmart's terms and conditions, it states that the company shall not be responsible for any unauthorised use of the user's e-wallet, credit card, debit card, or net banking account during or after availing the services on the application or website. This raises a critical question of fairness: Should a company that solely owns and operates the app or platform be allowed to disclaim liability for unauthorised payments made through its interface? While it can be argued that a user always has the option to approach a consumer court in case of any grievance, the practicality of this recourse is questionable. Consider the fact that the average transaction value for mobile wallets in India is almost just Rs. 450. Pursuing legal action for such small-ticket disputes is often disproportionate, akin to buying a 50-cent chicken but spending two dollars on spices. The light-touch approach of the RBI The RBI has emerged not just as a regulator but as a facilitator of innovation in the financial ecosystem in the recent years. It has allowed innovation, experimentation, and market-led development with minimal intervention. Just a few weeks back, Sanjay Malhotra, RBI governor, in his speech at the inauguration of Digital Payments Awareness Week, observed, 'We have adopted a soft-touch approach to regulating the payments ecosystem and FinTechs, and through these regulations, the Reserve Bank attempts to balance these divergent sets of expectations'. India's offline payment aggregation industry is one of the biggest examples of this approach. The RBI has allowed offline payment aggregators – companies that provide QR codes, sound boxes, or swipe machines and process payments to operate without specific licensing or compliance frameworks. This has allowed rapid expansion of low-cost digital payments in rural and semi-urban areas, through players like Paytm, BharatPe, etc. Just for reference of readers who are not familiar with the fintech industry – the counterpart of offline payment aggregators, i.e, online payment aggregators – a company that processes payments for online payment transactions has to follow one of India's rigid compliance frameworks. However, when a uniform approach is applied indiscriminately, it often causes more harm than good. That's exactly what happened during the period from 2018 to 2021, when the number of digital loan apps mushroomed across the country in the absence of any specific direction from the RBI. These apps simply partnered with any available Bank or NBFC and started disbursing loans with instant approvals. Result – there were cases of excessive interest rates being charged, misuse of phonebook access to harass defaulting borrowers (and their relatives), and even instances of photo-morphing using borrowers' phone galleries, and suicides. The situation became so murky that the Union government had to step in. The finance minister directed the RBI to prepare a whitelist of legitimate digital lending apps, and the Ministry of Electronics and IT also blocked access to several unlawful platforms. Eventually RBI had to bring the Guidelines on Digital Lending, 2022, to specifically regulate the digital lending industry. This guideline did not just prohibit data misuse, but also fettered access to data by digital lenders. RBI's 'light-touch' approach With the closed system wallet, the RBI seems to have taken the same 'light-touch' approach, keeping in mind that no low money laundering risk the closed loop wallet present. Funds can only be used within a specific ecosystem and cannot be transferred to other users, restricting the movement of funds and thereby reducing the risk of concealing illicit transactions. However, incidents like the Bluesmart case have highlighted that risks extend beyond just money laundering. While it is understandable that the RBI seeks to avoid overburdening the market with excessive regulation, it can instead lay down just foundational principle like defining ownership of users on the fund being loaded, until it is utilsed, accountability of closed loop wallet provider to resolve issues of customer, transparency by mandating disclosure by closed loop wallet provider of features of wallet – fund expiry, refund policy, reloadability, and usage restrictions etc at onboarding etc. Closed system wallets continue to be the industry's preferred model, largely due to low customer acquisition costs and the absence of KYC requirements. A principle-based framework, rather than a prescriptive compliance-heavy one, would strike a balanced approach, avoiding burdens like escrow maintenance or mandatory two-factor authentication, while still establishing essential rules that safeguard consumer interests and foster trust. Sarthak Gupta is a lawyer with a focus on technology law and Fintech. He is available on LinkedIn here. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments. Make a contribution to Independent Journalism Related News The State of the Economy: India Inc's Profit Dips, Rupee Is Asia's Worst Performer Is RBI's New Plan for Bad Loans Just Another Quick Fix? India's Net Foreign Direct Investment Plummets by 96.5% to Reach Record Low RBI's Potential Record Dividend: Fiscal Relief or Long-Term Risk? 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