RBI extends deadline for PPIs to become full KYC complaint
The Reserve Bank of India (RBI) on Friday extended the timeline for the conversion of minimum detail Prepaid Payment Instruments to KYC-compliant PPIs from 18 months to 24 months, a move welcomed players in the segment.
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