Only a day left to get Aadhaar linked to prepaid wallets

Customers won’t lose money if KYC not done

GN Bureau | February 27, 2018


#Payment Banks   #Digital Payments   #Prepaid Wallet   #Aadhaar  


If you are a Paytm or Mobikwik or a customer of any prepaid wallet, then you now have barely a day left to get your account linked to Aadhaar.

With the Reserve Bank of India making it clear that it won’t be extending the February 28 deadline for mandatory KYC-compliance by prepaid wallet customers, people will now have to rush to get the linkage carried out. Otherwise, they would not be able to use it.

“Sufficient time has already been given to meet the prescribed guidelines. In the event PPI issuers not obtaining the KYC-related inputs within the timeline from their customers, customers will not lose their money,” The Hindu quoted deputy governor BP Kanungo as saying.

There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks. Initially, they were given time till December 31, 2017, to make accounts KYC- compliant. The deadline was then extended to February 28.

Financial Express reported that most of the wallets in India, were asking their users to complete minimum KYC obligations. This could have been done by verifying their mobile numbers. However, it has certain restrictions. Full KYC basically requires you to link your PPI account with your Aadhaar. This can be done using your mobile number or by visiting the KYC centre.
 

Comments

 

Other News

Violence never resolves any issue: Modi

Urging all who have taken the path of violence for their political campaigns to shun it and return to the mainstream, prime minister Narendra Modi has said that weapons cannot achieve lasting peace. “On the solemn occasion of Republic day, I would appeal to anyone in any part of the co

India set to bolster ties with Brazil during Bolsonaro`s visit

As India gears up to celebrate its 71st Republic Day on January 26, it will host Brazilian president Jair Bolsonaro as the chief guest of the event that marks the day when the country formally adopted the Constitution as the guiding document. This will be Bolsonaro’s maiden visit, which he would like

India gears up to meet Coronavirus challenge

With the outbreak of Coronavirus reported from China, India has started taking precautionary measures, and begun screening passengers of selected flights. “As of 21st January, a total of 43 flights and 9156 passengers have been screened for novel Coronavirus illness. Till now, no case

Reit: Real estate for retail

Every middle-class Indian dreams of a home coupled withlanded property to live off the rent. However, large initial investment, particularly inmetros, and low yields ensure that real estate is out of the reach of the common man. A return of 7-8 percent from commercial properties is considered highly commen

Maharashtra poll panel rolls out Electors Verification Programme

The Maharashtra State Election Commission has urged the residents to take advantage of the ongoing Electors Verification Programme (EVP) and register their names along with those of the members of their families in the electoral rolls. The drive, which started on November 11, 2019, will continue till Febru

Budget goes to print with Halwa ceremony

The budget season is here, and the annual document has gone to print, beginning the lock-in period till its presentation in parliament on February 1. The Halwa ceremony, marking the commencement of the budget printing process, was held in North Block Monday morning in the presence of finance



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter