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KYC Requirement for Customers Using Mobile Wallets

Posted on 29 March 2018,    
 2775    Share  Report

As per Reserve Bank of India (RBI)’s related Master Direction dated October 11, 2017 as updated on December 29, 2017, since Prepaid Payment Instruments (PPI) Issuers are operating a payment system, provisions of Prevention of Money Laundering Act, 2002 and Rules framed thereunder, as amended from time to time, are also applicable to all PPI Issuers. RBI has thereby also directed all PPI Issuers, System Providers and System Participants to complete requisite Know Your Customer (KYC) of their existing customers on or before February 28, 2018.

RBI has informed that as on February 28, 2018, 16.4% of the Semi-Closed PPIs and 81.1% of the Open system PPIs are compliant with the provisions pertaining to KYC of the PPI holders as applicable following the Master Direction.

This Master Direction was issued by RBI after examining comments/views received from all stakeholders with a view to ensure customer protection, safety and security.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.

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