The Reserve Bank of India vide notification dated 30th August 2019 has extended the time line for conversion of minimum detail prepaid payment instruments to KYC compliant instruments.
Earlier in February, RBI set a deadline for mobile wallets to become full KYC compliant which would have ended on August 31st. However on August 30th RBI further extended the deadline by six months.
Notably, the master direction regarding prepaid payment instruments has been amended three times after its first release in October 2017 with the latest amendment being released on 30th August 2019
The notification has come along with a forewarning that no further extension will be granted for this purpose. Companies will have to fulfil compliance in the given time
This extension comes as a relief for mobile wallet operators such as PhonePe, Paytm and Amazon Pay among others who have been racing to fulfil the compliance norms.
Click here to read the notification
Click here to read our previous post on the subject.
