RBI extends deadline for PPIs to become full KYC complaint
PrintListen to this Article
The Payments Council of India (PCI) which represents the players in the payments and settlement systems has welcomed the move. The PPI industry processed more than 4 billion transactions in the year ending March 2019.
"It is advised that the timeline for conversion of minimum detail PPIs to KYC compliant PPIs has been extended from 18 months to 24 months," the RBI said in a circular while making amendments to Master Direction on Issuance and Operation of PPIs.
The RBI, however, made it clear that there will be no further extension in the timeline.
Mahendra Nerurkar, Co-chair of the PPI committee at PCI and CEO, Amazon pay said with this extension the industry will have a true remote digital solution for KYC for PPIs.
"PPI plays a unique role as it allows cash customers to enter the digital economy through a convenient and trusted payment experience. This instrument cannot be replaced by alternate digital payment methods which are more conducive for digital native citizens," he said.
It is the extension of timeline for PPIs to convert minimum KYC to full Know Your Customer norms prescribed by the authorities. The deadline was expiring on August 31.
Commenting on the RBI's move, Paytm Payments Bank spokesperson said the RBI's decision will help PPIs to contribute meaningfully in promoting digital payments. #casansaar (Source - PTI, LiveMint)
Category : RBI | Comments : 0 | Hits : 331
Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively. Regulations have been made public through two notifications. First set of regulations deals with mode of payment and reporting of non-debt instruments. “The proceeds of purchase / subscription of equity shares of an ...
The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value transactions that they may come across in their systems. The general purpose of the letter is to deny the use of electronic fund transfer mechanism to anyone who is intending to influence the election...
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem. The draft also covers the physical point-of-sale activities of payment aggregators (PAs). The RBI said that given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations ...
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC. Resident entities such as banks were permitted to hedge their exposure to the price risk of gold on the exchanges in the IFSC that are recognised by the International Financial Services Centres Authority (IFSCA), and the new directive provides them...
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations. These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co-operative Bank. The central bank imposed Rs 26.60 lakh on The Kalupur Commercial Co-operative Bank, Rs 13.30 lakh on Karad Urban Co-operative Bank, Rs 5 lakh on Janata Co-operative Bank, Rs 1 lakh...
Comments