KYC renewal period for Paytm, PhonePe, Amazon Pay has been extended by 6 months

The Reserve Bank of India has postponed the harassment of many users who use PhonePay, BDM, Amazon Pay or other similar payment wallet applications. The Reserve Bank of India (RBI) has extended the last date for completion of KYC of users using these applications till 29 February 2020. Users of PhonePe, Paytm or Amazon Pay now have not completed the KYC update. They too will be able to use the digital wallet without any restrictions by the end of February next year.

Earlier, the Reserve Bank had asked all its users to complete their KYC (Know Your Customer) digital sites by August 31. But on August 30, the Reserve Bank decided to extend the deadline to 6 months. It also warned that the deadline would no longer be extended.

The Reserve Bank told all PBI providers or mobile wallet platforms that “the minimum time limit for converting KYC compliant PPIs to PPIs (prepaid payment instruments) has been raised from 18 months to 24 months. It should also be noted that no further extension will be granted for this purpose.”

If you follow the rules of the KYC update, mobile wallet providers will need to go to their customers and verify. Previously partial verification was done by a smartphone.

At the same time, the Industrial Organization Payments Council hopes that the government will devise a system so that mobile users do not have to do face-to-face verification.

The owner of Paytm is known to have invested in One97 Gadgets 360.


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