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RBI extends wallets’ KYC compliance deadline by 6 months

Wallets

The RBI has given wallets another 6 months to comply with KYC requirements, extending from the earlier deadline of February 28, 2019. The RBI said that the extension was granted "based on requests received from various stakeholders" given that alternative systems had to be figured out to replace Aadhaar e-KYC. Around 70-80% of the wallet user base is yet to comply with KYC norms, the Times of India reported. Mobile wallets were banking on Aadhaar for e-KYC, but were barred from doing so after the Supreme Court ruling on the Aadhaar matter struck down Section 57 which allowed the private usage of Aadhaar. According to RBI's master circular on prepaid payment instruments (PPI), users who have not completed KYC will not be allowed to load money into their wallets. PPI operators have also been directed to give a one-time option…

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