- RBI also made it mandatory for users to complete their KYC forms by 28th February 2019.
- RBI had recently made it compulsory for e-wallet holders to complete their KYC forms by 28th February in order to continue using the wallets without any hiccups.
- These payment apps are also foraying into various financial services, such as micro-insurance, which makes it absolutely crucial for them to have completed databases.
RBI had recently made it compulsory for e-wallet holders to complete their KYC forms by 28th February in order to continue using the wallets without any hiccups. However, they recently announced an extension of 6 months to the deadline for the same. Now, users of e-wallets who have not been able to complete their KYCs can breathe a little easier.
In a statement regarding this news, RBI said “Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative systems for completing the KYC process, it has been decided to allow PPI issuers additional time of six months for completion of the KYC process,”
As more and more consumers have been using e-wallets, RBI had issued a set of comprehensive guidelines in 2017 educating users about how to use these wallets correctly. As their appeal only continued to grow, RBI also made it mandatory for users to complete their KYC forms by 28th February 2019. Failure to do so would result in their inability to continue using these apps. However, the deadline has now been extended.
These payment apps are also foraying into various financial services, such as micro-insurance, which makes it absolutely crucial for them to have completed databases. Moreover, KYCs also eliminate security threats. Thus, it is vital for people to fill these out. In order to complete the form, users need an Aadhar card.
