The deadline for prepaid instruments (PPIs), including digital wallets, to do full KYC of customers has been extended for six months by RBI (Reserve Bank Of India). The extension, which was announced a day before the deadline expired, will benefit prepaid and e-wallet issuers like Paytm, MobiKwik, Airtel Money, Amazon Pay, Ola Money and PayU.
If the RBI had not extended the deadline, millions of Indian users would have on September 1 found restrictions or complete blockage of their mobile wallet apps. For conversion to full KYC from minimum details, e-wallets were supposed to get users’ KYC completed by August 31. Fintech players were supposed to give users a one-time option to transfer their outstanding e-wallet balance to their respective bank accounts, if users failed to meet the deadline for providing required information.
Full KYC deadline for e-wallets extended by 6 months : RBI
