RBI extends KYC deadline for Amazon Pay, Paytm and PhonePe till February 29, 2020
The RBI has extended the deadline for e-wallet companies to submit the full KYC for all users.
The Reserve Bank of India (RBI) has extended the deadline for e-wallet companies like Paytm, Amazon Pay and PhonePe till February 29, 2020, to comply with Know Your Customer (KYC) norms. RBI gave this new deadline just a day before ending of its earlier deadline.
Payments Council of India, a representative body of payments and settlements systems, welcomed the move.
On Friday, while notifying all the Prepaid Payment Instrument (PPI) issuers, the RBI said, "It is advised that the timeline for the conversion of minimum detail PPIs to KYC-compliant PPIs has been extended from 18 months to 24 months."
RBI has extended the final date for KYC compliance for the fourth time after receiving requests from e-wallet companies. It started in October 2017, when the RBI notified all e-wallet entities to complete full KYC of their wallet users by December 2017.
This was again extended to February 28, 2019, after getting requests from several PPI issuers who were finding it challenging to meet the deadline. The deadline has been postponed twice after this.
While extending the KYC compliance date, the RBI also told e-wallet entities that no further extension would be done.