E-wallet companies welcome extension in KYC deadline, say move will help financial inclusion story

NEW DELHI: Players like Amazon Pay and Mobikwik Tuesday said the extension of deadline for Know Your Customer (KYC) norms will ensure that customers are not impacted adversely and also the move would have a positive impact on India’s financial inclusion story.

Providing a major relief to e-wallet companies, the Reserve Bank of India on Monday had extended deadline by six months for compliance with Know Your Customer (KYC) norms, for prepaid payment instrument (PPI) issuers. The earlier deadline was February 28.

The RBI had said it had received requests from various stakeholders to increase the timeline given the difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative systems for completing the KYC process.