For existing wallets, companies need to ensure that they will have full KYC by the end of the December 31.
Also, the central bank has stated that minimum KYC wallets cannot have a balance of more than $153 (INR 10K) and this can be allowed only for purchase of goods and services and not for remittances to other wallets or bank accounts. Also, reportedly, PPIs can not be loaded with more than $765 ( INR 50K) per month, while interoperability will be enabled between mobile wallets and banks in a phased manner through UPI within next six months.
The new norms have been brought in place to detect fraud detection and prevent fake wallet transactions.
"All entities approved/authorised to issue PPIs by RBI are permitted to issue re-loadable or non-reloadable PPIs depending upon the permissible type. Cash loading to PPIs shall be limited to $765 (INR 50K) per month subject to overall limit of the PPI, and the issuers can not pay interest on the PPI balances", said RBI. Interoperability would be enabled between e-wallets and bank accounts through the UPI and among digital wallets through cards in subsequent phases. Also, if a customer has verified his account with the minimum required details, i.e. phone number, he will not be able to transfer money to other wallet providers or to the bank accounts.
Triple success for 'pre-flown' SpaceX
The rocket being used for Wednesday's launch was previously used in February for an International Space Station supply mission. The white rocket blasted off at 5:37 am (1237 GMT), before sunrise, from Vandenberg Air Force base in California.
"Cash loading to PPIs shall be limited to Rs 50,000/- per month subject to overall limit of the PPI", the RBI said in its latest set of directions on "Issuance and Operation of Prepaid Payment Instruments". No prepaid meal instruments in paper voucher form shall be issued after December 31, 2017.
The RBI, in its master direction, said it would enable full interoperability in phases and issue operational guidelines separately. The same week, it also released the official guidelines for non-banking financial companies (NBFCs) engaged in P2P lending in the country. The earlier minimum net worth requirement was Rs 2 crore at the time of application.
Charting out the guidelines in a 32-page note, RBI has said that all the companies seeking a licence to operate wallets will have to have a minimum positive net worth of ₹5 crore which needs to be maintained for three years at all times, following which they need to have a net worth of ₹15 crore at all times.
Welcoming the new norms, Bhavik Vasa, Chief Growth Officer, ItzCash Ebix, said that these guidelines mark the 10-year anniversary to the industry and seem to be a true reflection of a collaborate approach for the industry which will foster the ecosystem and players to focus on their respective core areas of operating and offerings. This is timely and with the ground rules laid-out this will now give the industry to drive towards our nations and PM Modi's vision 25 Bn billion digital transactions. "Among the positives, we are happy with the Rs 1 lakh limit on PPI". In contrast, a person can buy $3,063 (INR2 lakh) worth of gold in cash.
- Trump sitting down with Sean Hannity for exclusive interview during Pa. visit
- Another starter gone, Cowboys DT Stephen Paea tells coaches he is retiring
- Indian pacer Nehra hints at retirement in November
- Morrisons launches the hottest supermarket curry in the UK
- Google removes Home Mini's touch functionality following privacy concerns
- Angelina Jolie Shares Her 'Harper's Bazaar' Cover with Three Rescue Cheetahs!
- Tokyo stocks close at fresh two-decade highs
- Attention, cette extension AdBlock Plus pour Chrome est un malware
- Football. Le PSG sur la piste d'un attaquant italien de 16 ans ?
- QCOM) — QUALCOMM Incorporated (NASDAQ