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

When Nandini Satpathy told Biju Patnaik: ‘I’ll sit on the chair you are sitting on’

Nandini Satpathy: The Iron Lady of Orissa By Pallavi Rebbapragada Simon and Schuster India, 321 pages, Rs 765

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter