RBI Extends Deadlines For KYC Submission By 6 Months

| February 26 , 2019 , 16:41 IST

In a major relief to consumers as well as mobile wallet companies, the RBI has extended the deadline for full know your customer (KYC) compliance by six months. The deadline was supposed to end on February 28.

The extension came after intense lobbying by mobile wallet players and domestic internet groups with the central bank over the past few months according to top industry executives.

After the RBI mandated full KYC via its circular in 2017, mobile wallets were largely relying on Aadhaar for e-KYC. The Supreme Court ruling that barred private entities from using Aadhaar made it tougher for companies to do KYC and also increased costs. While e-KYC costs on average about Rs 15 per person, the physical route required Rs 80-100.

“This (extension) would certainly help as hardly anyone was prepared to tackle so many e-wallets becoming invalid,” an executive of a Bengaluru-based company said after the RBI announcement.

Consumers were showing resistance to do paper KYCs each time for the different e-wallets they were using. “If one has already done KYC for Paytm, most consumers were averse to doing the whole process for other players like Amazon Payor, say, Ola Money,“ an industry lobbyist had mentioned Media reportedly.

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From the transaction volume perspective, UPI saw over 525 million transactions in November while, in comparison, mobile wallets saw transaction volumes falling by over 5% during the same period to under 350 million, according to data from the RBI and National Payments Corporation of India (NPCI).


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