Just Dial gets RBI's in-principle nod for its prepaid wallet

New Delhi: Local search engine Just Dial on Thursday said it has got in-principle nod from the Reserve Bank of India (RBI) for launching its prepaid wallet.

"The company has received a letter dated September 6, 2016, from Reserve Bank of lndia granting in- principle approval for issuing and operating payment system for semi closed pre-paid payment instrument service," Just Dial said in a BSE filing.

Elaborating on the relevance of the approval, it said: "The company will be in position for providing payment solution to our users, which is integral part of our transaction services and JD prepaid wallet will help to provide a seamless payment experience to users."

Just Dial added that it needs to submit certain reports to RBI up to March 05,2017 for final authorisation.

Shares of Just Dial were trading 2.02 percent down at Rs 498.85 on BSE.