The Reserve Bank of India has given mobile wallet companies such as Paytm, Amazon Pay and PhonePe time till February 29, 2020 to comply with Know Your Customer (KYC) norms. The RBI extended the deadline on August 30, just a day before the ending of its previous deadline.

The move was welcomed by the Payments Council of India, representative body of payments and settlements systems.

On Friday, while notifying all the Prepaid Payment Instrument (PPI) issuers, the RBI said, “It is advised that the timeline for conversion of minimum detail PPIs to KYC-compliant PPIs has been extended from 18 months to 24 months.”

This is the fourth time that the RBI has extended the final date for KYC compliance after receiving requests from mobile wallet companies. It started in October 2017, when the RBI notified all e-wallet entities to complete full KYC of their wallet users by December 2017. This was then extended to February 28, 2019, after receiving requests from several PPI issuers that were facing difficulties to meet the timeline. After this, the deadline has been postponed twice.

However, while extending the KYC compliance date, the RBI also told e-wallet entities that no further extension would be done.

ALSO READ: Get your KYC done for Paytm, PhonePe and other mobile wallets in 3 steps

First Published:Sept 2, 2019 12:52 PM IST