The Reserve Bank today said there will not be any extension to the February 28 deadline for mandatory KYC-compliance by prepaid wallet customers. They were initially given time till December 31, 2017, to make those accounts KYC- compliant, which was extended to February 28. "The guidelines are designed to strengthen safety and security of transactions and customer protection," Kanungo said, adding KYC requirements are necessary to usher in inter-operability. Also read RBI starts audit of 'SWIFT' transactions of all banksAs per the master directions issued on the matter last October, the RBI wants to make inter-operability between the PPI wallets and also with bank accounts and cards possible. As per the laws, a customer can fulfil the KYC requirements by submitting any document like the Aadhaar number, voter ID, among others.

Source: dna February 27, 2018 06:54 UTC