The Reserve Bank of India (RBI) Deputy Governor HR Khan has asserted that some new concerns had emerged recently on e-commerce transactions and the central bank will soon issue few more guidelines to address these issues.
Earlier, in August, the RBI found that US-based taxi aggregator firm, Uber was flouting payments norms by following practice that falls short on the two-step user authentication norms as laid out by RBI.
Indian e-commerce industry has been growing at brisk pace over the recent years and has become one of most attractive sectors in India. Online travel dominates the e-commerce market but in the future, e-tailing is expected to drive the industry growth. Online travel constitutes 71% of the e-commerce market in India, followed by e-tailing at 16%. Travel has grown at a CAGR of 32% over 2009-13. Heavy discount on online sales is a direct reflection of the industry's competitive intensity. The e-commerce market in the country is expected to grow by 37% to reach $20 billion by 2015 on the back of growing internet population and increased online shoppers.
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