Allow minimum KYC for transactions below Rs 10,000: Wallet firms urge RBI

All transactions, regardless of amount and every new wallet customer would require full KYC after March 2018

As the Reserve Bank of India’s (RBI’s) March deadline for meeting know-your-consumer (KYC) requirements approach, representatives of the prepaid payments industry have requested the regulator to waive off full KYC requirements for transactions below Rs 10,000.

The Payments Council of India (PCI), the representative body for digital payment players, as well as various other industry stakeholders, have been vocal about how the full KYC requirements would severely hamper the wallet industry.

The prepaid payment instruments (PPI) committee of PCI told Business Standard that it had communicated the issues of the industry regarding making full KYC mandatory and given a presentation