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Relief to e-Wallet Companies: Govt Extends KYC Compliance Deadline by 6 Months
February 27, 2019
This Monday, the Reserve Bank of India (RBI) extended the deadline for Know Your Customer (KYC) norms for the prepaid payment issuers (PPIs) including e-wallet companies by 6 months.
The Central Bank issued a public statement recently in which it said that it’s decided to extend the deadline after receiving several requests from the stakeholder regarding the difficulties faced by them in undertaking the Aadhaar e-KYC.
Electronic Wallet Companies including PayTm, Amazon Pay, etc. can’t offer full services to their customers unless the KYC norms are met whose deadline was the end of February.
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