Good news for users of mobile wallet, RBI gave this rebate
The country has seen a significant increase in the number of users of mobile wallets in the last few years. Along with this, RBI also prepared rules for them. Now the RBI has given great relief to mobile wallet users. If you use any payment app like PhonePe, AmazonPay or Ola Money then this news is also useful for you. In fact, in its new decision, the RBI has announced an exemption from full KYC to those using such a mobile wallet app. However, this exemption will be limited in view of monthly transactions. Mobile wallet companies have been asking their consumers to get full KYC through messages for some time. At the same time, it was also being said that if full KYC is not done, the transaction will be stopped. But currently, the RBI has given relief to the consumers in this case.
Transactions above Rs 10,000 will be necessary
RBI gave relief to the customers before the full KYC deadline, but this relief is only on monthly transactions up to Rs 10,000. That is, if you make a transaction of up to Rs 10,000 through a mobile wallet in a month, then you will not need to get full KYC. But more than this, full KYC will be necessary for you. At this time KYC is necessary for mobile wallet companies on transactions up to Rs 10,000, but full KYC is not necessary.
31 March 2020 was the last date
The RBI had fixed the last date of March 31, 2020, to have full KYC. That is, it was necessary for all mobile wallet users to have full KYC by 31 March 2020. But now RBI has given exemption in this. Meanwhile, Paytm has also changed one of its rules. Now you will be able to add only Rs 10,000 in a month without charge to a Paytm Wallet with a credit card. Paytm will charge a charge of 1.75 percent for inserting more money from this credit card. There will be no charge for a credit card up to Rs 10,000.
0 Comments