Mobile Wallet companies welcomed this decision by RBI

Mobile Wallet companies welcomed this decision by RBI

New Delhi: Companies running mobile wallet services such as Amazon Pay and Mobikwik said that the increase in the validity of implementing the Know Your Customer (KYC) rules will not adversely affect users. He has said that this step will have a positive impact on India's financial inclusive initiative.

The time limit was extended for six months
Significantly, while giving relief to e-wallet companies, the Reserve Bank of India extended the deadline for six months to comply with the 'Know Your Customer' (KYC) rules. Companies have to follow this rule to use the prepaid payment service. Earlier, the companies had to complete this task by February 28.


Mobikkik's co-founder and director worship Thakoo said that by increasing the deadline, the company will get more time to complete the KYC process for consumers. Indian Payments Council Chairman Mr. Vishwas Patel said that by increasing the time limit, companies will have time to work on compliance strategy.

Amazon, who runs Amazon Pe, has said that the extension of the deadline for KYC will not adversely affect customers.

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