April 20, 2015 / 2:18 PM / 2 years ago

India's Central bank working on integration between e-commerce firms and banks

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai July 30, 2013.Vivek Prakash

MUMBAI (Reuters) - India's central bank is working on improving the integration between e-commerce firms and the country's banking systems, a deputy governor of the Reserve Bank of India (RBI) said on Monday.

"One area which we will now be looking at very closely, which is emerging, is how to provide integration between e-commerce platforms and banks," Deputy Governor H.R. Khan said at a banking industry event.

India's fast growing e-commerce market is valued at about $12 billion, however most shoppers still pay for their online purchases through cash at the doorstep.

Khan said the central bank is also considering relaxing its requirement for a two-step authentication process for small transactions to make online payments smoother.

Reporting by Neha Dasgupta, writing by Himank Sharma, editing by David Evans

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