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RBI changes rules regarding KYC for PPIs

The Reserve Bank of India has directed all prepaid payment license holders to convert their minimum KYC wallet accounts into full KYC account by 30 June. The regulator has also laid out minimum net worth criteria for wallet issuers to Rs 25 crore from minimum paid up capital of Rs 5 crore earlier. It has also proposed making PPIs interoperable across the banking system but only after the entity meets all the regulatory criteria it has laid out. A circular issued by RBI said all entities authorized by it under the Payments and Settlement Systems Act 2007 shall have a minimum net worth of Rs 25 crore as per the last audited balance sheet and shall be maintained at all times. The circular also laid out details about those who have already been licensed by the regulator would need to meet the capital requirements by 30 September 30 2020. It has also directed PPI issuers to move completely to the electronic format like mobile wallets, magnetic cards or smart cards and stop issuing paper vouchers anymore.

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