Of course it doesn't take 2-10 minutes to pay for a taxi, except in the edge case of neither rider nor taxi driver having any spare change (India does, admittedly, seems to have issues with a shortage of low denomination notes.). It does, according to Uber's stats, take 8-12 minutes for an Uber taxi to arrive in Indian urban areas, by which time you've probably been passed by several low-end taxis and autorickshaws if you're in a reasonably busy location. Either way, improving the hours lost on taxi journeys on traffic-clogged and bumpy Indian roads through more efficient payment mechanisms is rather like losing weight by having a haircut, and Uber's potential share of the Indian market in the foreseeable future isn't big enough to save 91 million man hours per year even if users of regular taxi services had to stop off at their nearest bank to effect payment.
Despite the bad example, the wider point about the RBI restricting payments innovation and international trade in many different ways stands....
Despite the bad example, the wider point about the RBI restricting payments innovation and international trade in many different ways stands....