New Delhi: The Reserve Bank of India (RBI) has abolished the condition of having KYC (KYC) for mobile wallet paying customers. According to the new RBI directive, people who pay less than 10 thousand rupees a month from mobile wallets such as Paytm, Phonepe and Ola Money etc., do not need to get full KYC.
Earlier, customers using mobile wallet had to have full KYC done by 31 March 2020, otherwise their mobile wallet account would have been closed. According to the new RBI rule, KYC is not required to be done for Prepaid Payment Instrument (PPI). Now if you make a retail payment up to 10 thousand rupees in a month, then there will be no need for full KYC, only self declaration will have to be done.
With this, the service of mobile wallet will continue through OTP coming on mobile. But this new facility is available only for retail payment. Bank transfer will not be done through PPI wallet without full KYC of mobile wallet. Let us tell you that the reason behind the RBI's decision is that if the last date for KYC to be done on 31 March 2020, then millions of mobile wallet accounts were going to be closed due to failure to complete KYC and for private companies. Getting physical KYC of the customers was a difficult task.
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