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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…

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