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Users won’t lose money in wallets for KYC non-compliance: RBI

The Reserve Bank of India has said that customers will not lose money from mobile wallets even if companies remain non-compliant to its full KYC (Know Your Customer) guidelines after the deadline expires on Tuesday. But the assurance comes with some caveats. PPI (Pre-paid instrument) issuers not obtaining KYC inputs of their customers within the stipulated deadline will not lead to loss of money for customers, BP Kanungo, deputy governor of the RBI said in a press briefing. But reloading on the wallet and remittances can only resume after completing the KYC requirement. Users will be able to undertake transactions for purchases with the available balance in the wallet. So you can still pay for your Uber rides and order food online with the balance amount left on your wallets even after the KYC deadline expires but you can't add any more money to it. Full KYC requires users to link their wallet or PPI account with their Aadhaar number. Some other documents like residential proof are needed too. The RBI had initially given time till December 31, 2017, to make PPI accounts KYC-compliant. This was extended to February 28 after a number of players sought more time as they felt that the KYC norms were tough. It is a necessary step to pave the way for interoperability between PPIs, bank accounts and cards in a phased manner, said Kanungo. While the RBI did not disclose how many PPI users have completed KYC norms, Kanungo added that those users who want to…

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Writes about consumer technology, social media, digital services and tech policy. Is a gadget freak, gamer and Star Wars nerd.

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