Airtel Payments Bank - News & Updates

[Bapun]

Bro can we able to update kyc on March 2018 or after 28th February ??

If means can we able to use wallet asusual like previous ??

I think KYC is done if you have linked aadhaar with Airtel number already and then opened Payments bank account. Or am i missing something here?

 

[Sai Jai]

I think KYC is done if you have linked aadhaar with Airtel number already and then opened Payments bank account. Or am i missing something here?

That's is what in my mind too but keep on receiving this message from last 10 days

Have to check with cc tomorrow regarding this

 

[Bapun]

I did not received any, seems you opened Airtel Payments bank before linking number to Aadhaar?

 

[Sai Jai]

I did not received any, seems you opened Airtel Payments bank before linking number to Aadhaar?

At the time of aadhar linking only(same day) i opened APB account bro

Btwn i guess once u linked ur Airtel number with Aadhaar afterwards only we can able to open APB account bro am i right ??

 

[Bapun]

Btwn i guess once u linked ur Airtel number with Aadhaar afterwards only we can able to open APB account bro am i right ?

Yes, then the process is straight forward. Else you can open with Aadhaar card without KYC of number. But, I don't think that is possible now.

 

[sumitroy]

Bro can we able to update kyc on March 2018 or after 28th February ??

If means can we able to use wallet asusual like previous ??

When I opened payments bank account it said that use your existing kyc (airtel aadhaar verification) to open payments bank. I clicked ok. I was able to load balance into airtel wallet but unable to make transaction. So, I mailed cc and they said they I need to mail a copy of aadhaar and pan. I mailed them and after a day I was able to make transactions. Saving bank account is still not opened, but airtel money wallet and debit card is working. I don't know what'll happen after 10 days.

 

[Sarkar]

Bro can we able to update kyc on March 2018 or after 28th February ??

If means can we able to use wallet asusual like previous ??

Yes you can but 10,000 Rupee limit will be imposed on account until aadhaar is added and money transfer to bank or other wallet(same or different company) will not be permitted

 

[Sarkar]

That's is what in my mind too but keep on receiving this message from last 10 days

Have to check with cc tomorrow regarding this

Bro please check this, I was partially correct,

FAQs Related to New RBI Guidelines - 2017

I am an OlaMoney wallet holder as on October 11th, 2017. What is the impact of the new RBI Master Direction on PPIs (2017) on me?
If you already have completed full KYC for your OlaMoney wallet account, you will be able to continue use of your OlaMoney wallet without any further action.
If you haven’t completed the full KYC for your OlaMoney wallet account, you can opt to convert it into a minimum KYC (i.e. OTP verified mobile number, name and OVD number) or full KYC account on or before December 31st, 2017; failing which, you will not be allowed to further load money in your wallet. Also, you cannot undertake any fund transfer to a bank account or to another wallet account till you complete the full KYC. You will still however be able to carry out merchant transactions using the balance available in your wallet account.

 

[TJ_DJ]

I have done Minimum KYC for Airtel Payments Bank (Wallet). Minimum KYC is mandatory for all prepaid wallets - Freecharge, Paytm, Airtel Payments Bank, Vodafone m-pesa, OlaMoney and so on. The date is 28-Feb-2018 as per RBI directive. Sharing the RBI link here:

RBI Website: https://rbi.org.in/SCRIPTS/BS_ViewMasDirections.aspx?id=11142

1. These Directions shall be called the Reserve Bank of India (Issuance and Operation of Prepaid Payment Instruments) Directions, 2017 (Master Direction).
2. These Directions shall come into effect from October 11, 2017.
3. Existing authorised Prepaid Payment Instrument (PPI) issuers shall ensure compliance with the revised requirements on or before February 28, 2018, except where timelines have been specified in this Direction.

 

[Sarkar]

Tough norms for telco-promoted payments bank - Times of India

Telcos with payments bank licences need to do fresh KYC as RBI tightens norms
Telco-promoted payments banks will not be allowed to use their parent’s infrastructure to complete the ‘know your customer’ (KYC) process. This is a major setback for such entities, which have been hitherto relying on their promoter’s network for acquiring customers.

In a notice issued to all payments banks, the RBI said that its circular on KYC norms permits third parties to do customer due diligence.

However, this is subject to the third party being regulated, supervised and monitored for compliance with customer due diligence and record-keeping requirements in line with the requirements and obligations of the Prevention of Money Laundering Act (PMLA).

However, telecom companies are not recognised as reporting entities in terms of the PMLA. Therefore, KYC done by telecom companies is not permissible. The RBI has said that it has, therefore, modified its guidelines for payments banks.

https://rbi.org.in/scripts/BS_ViewMasDirections.aspx?id=10292
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So it's the end of all controversy, those who raised the issue that Airtel opened bank account without permission while doing SIM verification must be relieved now and these account will be cancelled unless they do fresh KYC for Bank account purpose