RBI Extends KYC Compliance Deadline for E-Wallet Customers by 6 Months – CORPORATE ETHOS

RBI Extends KYC Compliance Deadline for E-Wallet Customers by 6 Months

By: | February 28, 2019
RBI

Feb 28:  The Reserve Bank of India (RBI) had set February 28, 2019, as the deadline for making all the e-wallets KYC compliant. All  e-wallet owners sporting Paytm, PhonePe, Amazon Pay, Mobikwik, Ola Money were under pressure to complete their Know-Your-Customer (KYC) norms. RBI has now extended the deadline by six months for e-wallet customers of Paytm, PhonePe, Amazon Pay, Ola Money, Mobikwik and others.

All the prepaid payment instrument (PPI) issuers and the customers, who are to make the e-wallets wholly compliant with the KYC norms, now have six months to do so.

The Reserve Bank of India has stated that the deadline was extended by six months for the PPI issuers considering the requests made by various stakeholders. The stakeholders have raised difficulties in undertaking Aadhaar e-KYC and time necessary to create substitute methods for finishing the KYC process.

In 2017, RBI gave out a chief circular with a complete set of norms addressing the mounting use of prepaid payment instrument issuers like Paytm, PhonePe, Ola Money, Amazon Pay. RBI announced February 28, 2019, as the last date to make the e-wallets KYC norms compliant. Not all the services provided by the prepaid payment instrument issuers like Paytm, PhonePe, Amazon Pay will be offered to the customers who have not completed the KYC compliance norms updating. Such users will be restricted from some of the services offered by the company.

Apart from the primary e-wallet services, these companies have also expanded its activities to various other sectors including financial services, advisory, purchasing of goods and services, payment facilities, credit card bill payments with the monetary value topped up on such instruments.