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RBI extends KYC linking deadline for digital wallets till February 29, 2020

September 04, 2019
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The Reserve Bank of India (RBI) has extended the deadline for digital wallets to become fully Know Your Customer (KYC) compliant to February 29, 2020. However the central bank has warned that no further extension would be granted.

Earlier, the deadline for linking KYC to e-wallets such as PhonePe, Paytm, and Amazon Pay, was August 31 2019.

Full KYC compliance would require the mobile wallet service providers to conduct a physical verification of their customers. Earlier, this could be completed through a smartphone as the PPI issuers made use of partial KYC.

However, Payments Council of India (PCI) has requested the government to come up with a method that would avoid face-to-face verifications of the mobile wallet users.

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