BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL Astrology GOSSIP CORNER SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
logo
Breaking News

Do not make this ‘mistake’ while doing mobile wallet KYC

Monday - September 2, 2019 2:22 pm , Category : WTN SPECIAL
Mobile wallet KYC deadline increases for 6 months
Mobile wallet KYC deadline increases for 6 months

One condition of RBI increases troubles of mobile wallet companies in KYC!

SEP 02 (WTN) - If you use mobile wallet, then this news is of great use to you. For your information, let you know that the Reserve Bank of India has extended the deadline of KYC for mobile wallets by six months. Earlier, the last date for the KYC was 31 August. As per the RBI rules, those who had not been done KYC till August 31 their mobile wallet would have been closed from September 1, but now the mobile wallet users need not panic, because the RBI has extended the deadline for KYC to 6 months.

According to the information, now mobile wallet users can do their wallet’s KYC by 29 February 2020. This facility is for those users who are using mobile wallets like Paytm, Airtel Money, Amazon Pay, Ola Money and others. In fact, the Reserve Bank had earlier set the deadline for KYC to be held in February 2019, but the Reserve Bank had increased its deadline by 6 months, after many companies had requested about it. In this case, till August 31, only 40 to 50 per cent of the users were able to get KYC. In such a situation, keeping in mind the convenience of the users, the Reserve Bank has extended the last deadline for KYC to 6 months.

This decision of the Reserve Bank of India has saved millions of mobile wallets from being useless. Also, many users of mobile wallets like Paytm, MobiKwik, Airtel Money, Amazon Pay, Ola Money, Phone Pay, ICICI Pocket, HDFC PayZapp will get benefit of increasing KYC deadline.

However, for your information, let you know that the Reserve Bank has changed the rules of KYC for the users using mobile wallets. Now users have to upload their documents like Aadhaar card and PAN card. After uploading the document, an employee of the concerned mobile wallet company will come to the user's home to do physical verification of the uploaded documents. In such a situation, the wallet companies argue that the cost of companies has increased due to physical verification.

Although, some wallet companies had asked the Reserve Bank of India to allow verification through video conferencing, the Reserve Bank of India has not yet made any decision on this. For your information, let you know that at present there are about 50 crore people connected with mobile wallets. Paytm alone has around 35 crore subscribers at present.

By the way, we recommend you to take full care while making KYC of mobile wallet. Whenever you do the KYC of any mobile wallet, always complete the KYC of the wallet from the executive of the company. We advise you not to try KYC by uploading documents through any other helpful app other than mobile wallet. This is why, because through such an app, fraudsters can cause you financial loss by getting your banking related information from your mobile phone.