Know Your Customer

RBI had instructed that after March 1st, mobile wallets users who have not completed their KYC process cannot add more money into their wallets; although they can use the existing money. This has resulted in a massive drop in transactions,…

As per the new rule, RBI has added a line that every entity under them must obtain “from an individual who is eligible for enrolment of Aadhaar”: Aadhaar, PAN Card or Form 60. Every Indian citizen can obtain Aadhaar; and hence, indirectly,…

The mobile wallet users of Paytm, MobiKwik, Freecharge, Amazon Pay, PhonePe, OLA Money and others will not be able to use their mobile wallets to transact from now if the KYC is incomplete. As per the new RBI guidelines, the digital wallets…

In case any mobile wallet like Paytm user hasn’t completed the KYC or Know Your Customer process, then the money remaining in the wallet shall be left immobilized. This was as per the strict KYC rules formulated by RBI last year.

In October last year, Reserve Bank of India had issued strict guidelines for digital wallet operators in India and gave them a deadline of year-end to comply with KYC norms for all users. The deadline was later extended until February 28.

In yet another indication of how the state-led telecom operator- BSNL is coping with the digitisation process, it will now provide connection to its prospective customers via e-KYC process. Many others telcos in India are already…