RBI has recently announced that it has extended the deadline for mobile wallets to become fully Know Your Customer (KYC) compliant.
The deadline for mobile wallets to become fully KYC compliant was earlier set to end on 31 August. But RBI, as mentioned in this notice, has extended the deadline by six more months. It has given an ultimatum that no further extension would be granted after this.
In a notification RBI wrote: It is advised that the timeline for conversion of minimum detail PPIs (prepaid 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.
For now, users have been given the chance to get partial KYC done through their smartphone without any problem.
Also the Payments Council of India (PCI), the industry body, quoted in IANS story, is hopeful that the government will come up with a similar e-KYC method that wouldn’t require face-to-face verification.