“In the event of PPI issuers not obtaining KYC related inputs from customers within the timeline, customers will not lose their money. They can continue to undertake transactions for purchase of goods and services as hitherto to the extent of available balance in the PPI,” he said. Mr. Kanungo further said reloading of the PPI and remittances can resume after completing the KYC requirement.
Licences to 55 wallets
RBI has issued licences to 55 non-bank mobile wallets while another 50 banks have their own wallets.
According to RBI,
requirement of full KYC for PPIs is a step towards interoperability. “The (PPI) guidelines are designed to strengthen safety and security of transactions and customer protection…
a necessary step to pave the way for interoperability between PPIs, bank accounts and cards in a phased manner,” he said.
‘KYC compliance needed only for reloading e-wallets’
