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.
Now, an enhanced security mechanism, a 16-digit Virtual Aadhaar ID, has been introduced, which will further strengthen the safety mechanisms, and hopefully, will fill the security loopholes. UIDAI has been working on this security mechanism…
Paytm Payments Bank Limited (PPBL) has finally opened for all users, after it’s launch in May. For now, PPBL has launched been launched as a beta version.
As per a 2013 survey, it was found that less than 50% of Indians have a bank account; although PM Modi’s Jan Dhan Yojana has resulted in inclusion of more than 2 crore rural Indians into the banking system, there is still a lot to be…