In an interview with NDTV, Reserve Bank of India (RBI) chief Raghuram Rajan highlighted Uber’s lack of compliance toward the country’s financial regulations.

The company failed to adhere to India’s new two-step authentication system for credit card transactions. During the live discussion, the RBI chief pointed out that Uber was processing transactions using stored payments data, which was uncovered by local taxi companies in the area.

“We are willing to work to try and solve the problem, in fact we have some solutions which are coming up on doing low value transactions without too much ‘jhanjhat’ (hassle) as they call it,” said Rajan.

The central bank introduced new payments guidelines for domestic credit cards earlier this year. All affected establishments were expected to adhere to the regulations by October 31. In an effort to follow the rules, Uber formed a partnership with Paytm, a virtual wallet service provider.

Its relationship with the RBI is essential, as India is the company’s largest network of users outside of the U.S.

“We want to encourage that kind of thing (e-commerce) - we certainly have to recognize new technologies as they come and make adjustments to the fact they operate in a different fashion,” mentioned Rajan.

The service is also prohibited in Seoul, where Uber CEO, Travis Kalanick, is wanted by authorities for operating an illegal taxi firm.

The taxi company also faces similar threats to operations in Australia, where a recently established office in Sydney was raided by the New South Wales Government.

Analysts expect Uber to make changes to its payments system and terms of service or risk major financial losses in 2015.