“Sufficient time has already been given to meet the prescribed guidelines,” RBI deputy governor B.P. “In the event of PPI issuers not obtaining KYC related inputs from customers within the timeline, customers will not lose their money. Mr. Kanungo further said reloading of the PPI and remittances can resume after completing the KYC requirement. According to RBI, requirement of full KYC for PPIs is a step towards interoperability. Since many wallet accounts are not fully KYC complaint, banks often do not allow users to transfer funds from their accounts to wallets.

Source: The Hindu February 26, 2018 17:26 UTC