No extension beyond Feb 28 for KYC-compliance by prepaid wallet customers:RBI

The Reserve Bank of India has said there will not be any extension to tomorrow's deadline for mandatory KYC-compliance by prepaid wallet customers.Deputy governor BP Kanungo told reporters in Mumbai last evening that sufficient time has already been given to meet the prescribed guidelines. He however said, customers who have balances in such wallets or prepaid payment instruments (PPIs) need not worry about their money even if they do not do the KYC (know-your- customer)



norms. 

He said, customers will not lose their money. Mr Kanungo said that the the guidelines are designed to strengthen safety and security of transactions and customer protection. 

There are 55 non-banking PPIs operational now, apart from 50 wallets promoted by banks. They were initially given time till December 31, 2017, to make those accounts KYC- compliant, which was extended to February 28.