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KYC Deadline: Wallet Users Can Use Balance but Need to Complete Process for Reloading
March 05, 2018
The Reserve Bank of India (RBI) said that digital wallet users are allowed to use their wallet balance for online purchases even after February 28, which was the latest deadline for KYC compliance. However, to add money, they need to complete the KYC process first.
RBI has also made it clear that the deadline will not be extended any further. The original KYC deadline was December 31, 2017.
RBI deputy governor BP Kanungo said that KYC compliance is an important step to bring interoperability between bank accounts, cards, and prepaid payment instruments (PPIs).
