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

Nepal Floods: India keeps close watch on the situation

India`s central government has been keeping a close watch on the situation arising out of the flash flood in Nepal on Wednesday. Union home minister Amit Shah spoke with the chief ministers of Bihar and Uttar Pradesh, the two states that share the border with Nepal, regarding the disaster

UPI completes 10 years of digital payments revolution

The Unified Payments Interface (UPI), launched on August 25, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has completed 10 years of transforming digital payments in India. UPI has emerged as the backbone of India’s digi

Here’s an I.D.E.A. for career growth and success

Success in today’s professional organisation is no longer solely determined by academic qualifications, technical expertise or years of experience. While these attributes do matter, organisations increasingly value individuals who demonstrate the right mindset and behavioural qualities. The ability

PM interacts with CEOs, founders of space startups

Prime minister Narendra Modi interacted with CEOs and Founders of 20 Space Startups at Seva Teerth on Friday.   CEOs of leading companies in the space sector working in diverse fields ranging from building rockets and reusable semi-cryogenic launch vehicles, avionics, satelli

From one cow to a dairy business

In 2012, Anita Dash wasn`t dreaming of building a dairy brand. She wasn`t studying business models or planning market expansion. Like countless mothers across India, her focus was on something much simpler: giving her children a better future.   At the time, her most valuable

Ethanol blending: The two sides of a story

India`s crude oil consumption is estimated to be around 88.5% imported from abroad. This one single figure is also responsible for why ethanol has become both an economic strategy and fuel policy at the same time. In an economy like India, which depends so heavily on foreign oil, any increase in internat

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter