Amazon Pay, Mobikwik, and more extend deadline for completion of KYC

Wednesday 27 February 2019 13:32 CET | News

The Reserve Bank of India has extended deadline by six months for compliance with KYC norms, for prepaid payment instrument (PPI) issuers.

The initial deadline was 28 February 2018. As such, players like Amazon Pay, Mobikwik, and other e-wallet companies said that the extension of deadline for KYC norms will ensure that customers are not impacted adversely. The move would have an impact on Indias financial inclusion story.

The RBI had received requests from various stakeholders to increase the timeline given the difficulties in undertaking Aadhaar e-KYC, as well as the time to put in place alternative systems for completing the KYC process.

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Keywords: Amazon Pay, MobiKwik, e-wallets, KYC, RBI, India, PPI, financial inclusion, regulations
Countries: World

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