The Reserve Bank of India's (RBI) draft circular on wallet guidelines has prescribed some tough norms for companies. We take a look at some of the rules and guidelines which wallet companies will have to navigate. Comments, suggestions and feedback will have to be sent in by March 31, 2017. 1. Net worth requirements: The RBI said that wallet companies will have to have a minimum net worth of Rs 25 crore, a sharp turn from the earlier regulatory norms for wallets included a minimum paid-up capital needed of Rs 5 crore and a minimum net worth of Rs 1 crore. Companies will have to abide by the capital requirements by the year 2020. MediNama's take: The RBI is giving a clear signal that it only wants wallet players to who can put more skin in the game. Wallet companies who fail to comply with the requirements will not be allowed to carry on operations. While bigger companies such as Paytm, MobiKwik and FreeCharge shouldn't have a problem with the guideline, smaller players who just got a wallet licence, such as Chennai-based Yeldi Softcom, will have to pull up their socks. 2. KYC norms: Companies will have to convert existing wallets without complete KYC to full KYC compliant wallets within a period of 60 days from the date of issue. Failure to do so, no further credit will be allowed into these wallets. MediaNama's take: It looks like the RBI is looking to weed out wallet accounts with weak KYC. Most wallets usually need…
