In the back drop of getting a payments bank licence, digital wallet Paytm is pushing its users to update their KYC (know your customers) details with them which will increase their wallet limit to Rs 1 lakh. According to the Reserve Bank of India's guidelines, semi-closed wallets without KYC have a limit with Rs 10,000. In conversation with MediaNama, Paytm CEO Vijayshekhar Sharma said that the company is targeting users who spend more than Rs 5,000 per month to furnish their KYC details. "We are looking to hit about 10 million KYC users by March next year," he added. Paytm has also been sending message such as this to customers to fill their details: Paytm on its blog says that customers in Delhi and Mumbai can get their KYC done for free and can request for a representative to collect the necessary address and identity proofs. The company will be rolling out this for other cities as well, but in the meantime users can walk-in to nearest KYC center for faster verification. Paytm also has got an in-principle nod from the RBI to set up a payments bank and the KYC details provided will also help in opening bank accounts. "We're also pushing customers who shop on our ecommerce marketplace to update their KYC as it will allow them to shop with enhanced limits," Sharma added. Over 100 million users In August, Paytm claimed that it crossed 100 million users and was carrying out 75 million transactions every month. The company said that…
