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Uber Seen Blocked in India as RBI Tightens Card Rules

Uber Technologies Inc, maker of the ride-hailing application that has disrupted taxi networks around the world, may face a setback in India after the central bank closed a loophole that let it provide a simpler payment system compared with local rivals.

All transactions involving credit cards issued in India for goods or services in the country must have an additional authentication system at each point of sale, the Reserve Bank of India said in a statement yesterday. Evasion of these rules by some companies has led to an outflow of foreign exchange, the RBI said.