PhonePe, Paytm have till February 2020 to update KYC

The deadline for mobile wallets to become full KYC compliant was earlier set to end on August 31. But on August 30 the RBI extended the deadline by six more months, with the warning that no further extension would be granted.

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Published : Sep 3, 2019, 1:01 PM IST

New Delhi: With the Reserve Bank of India (RBI) extending the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant, people using PhonePe, Paytm, Amazon Pay or other such wallets will have no trouble doing their transactions as usual at least till February 29, 2020.

The deadline for mobile wallets to become full KYC compliant was earlier set to end on August 31. But on August 30 the RBI extended the deadline by six more months, with the warning that no further extension would be granted.

"It is advised that the timeline for the conversion of minimum detail PPIs (pre-paid payment instruments) to KYC compliant PPIs has been extended from 18 months to 24 months. It may also be noted that no further extension will be granted for this purpose," the RBI said in the notification to all PPI issuers or mobile wallet providers.

Becoming full KYC compliant would mean that the mobile wallet service providers would have to do a physical verification of their customers. Earlier, these PPI issuers made use of partial KYC, which could be completed through a smartphone.

Industry body Payments Council of India hopes that the government would come up with a method that would enable mobile wallet users to avoid face-to-face verifications.

"PCI further states that the PPI industry hopes government will soon come up with the clarity on e-KYC via Aadhaar or any other remote fully non-face to face digital KYC method in order to enable the PPI industry players to perform this task of full KYC conversion effectively and efficiently under the given timelines as well as in a fast-track manner," the Payments Council of India said in a statement earlier.

Industry body Payments Council of India hopes that the government would come up with a method that would enable mobile wallet users to avoid face-to-face verifications.

ZCZC
PRI COM ECO GEN NAT
.NEWDELHI DEL44
BIZ-LD INDUSTRY GROWTH
Eight core sectors growth slows to 2.1 pc in July
(Eds: Adding more info)
New Delhi, Sep 2 (PTI) Growth of eight core industries dropped to 2.1 per cent in July, mainly due to contraction in coal, crude oil and natural gas production, according to a government data released on Monday.
The eight core sector industries -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- had expanded by 7.3 per cent in July last year.
These core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
Ouput of coal, crude oil, natural gas and refinery products recorded negative growth during the month under review.
Similarly, growth rate in production of steel, cement and electricity declined to 6.6 per cent, 7.9 per cent and 4.2 per cent, respectively, as against 6.9 per cent, 11.2 per cent and 6.7 per cent.
However, fertiliser output marginally grew by 1.5 per cent in July as against 1.3 per cent in July 2018.
For April-July period, the eight sectors growth rate almost halved to 3 per cent as compared to 5.9 per cent in the same period last year.
The growth rate of these eight sectors are declining since April this year. It slowed down to 5.2 per cent in April from 5.8 per cent. Then it came down to 4.3 per cent in May and 0.7 per cent in June.
The GDP data too has shown deceleration with the growth rate coming down to over six year low of 5 per cent in the first quarter of the current fiscal, mainly on account of sharp dip in manufacturing sector, which registered almost a flat growth of 0.6 per cent. PTI RR CS
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PhonePe, Paytm have till February 2020 to update KYC

The deadline for mobile wallets to become full KYC compliant was earlier set to end on August 31. But on August 30 the RBI extended the deadline by six more months, with the warning that no further extension would be granted.

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