Click here to Visit the RBI’s new website

BBBPLogo

Press Releases

PDF document (249 kb)
Date : Feb 25, 2019
Reserve Bank of India extends timeline for completion of KYC for PPIs

The Reserve Bank had issued Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) on October 11, 2017 (amended as on December 29, 2017). As per these directions, PPI issuers are required to complete the Know Your Customer (KYC) process by February 28, 2019.

Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative systems for completing the KYC process, it has been decided to allow PPI issuers additional time of six months for completion of the KYC process.

The relevant provision in the PPI Master Direction has been modified suitably.

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/2025


2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
Archives
Top