New Guidelines for Mobile Wallets by RBI

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  • Reserve Bank of India has introduced fresh guidelines for the Mobile Wallet Players for the transaction based operations.
  • All new customers shall have to comply KYC norms as are being complied by the customers of the scheduled commercial Banks.
  • Only the KYC compliant new customers joining the mobile wallets shall be allowed to transfer money between the different wallet companies or the Banks through Unified Payment Interface (UPI).
  • RBI has also issued guidelines for the existing customers where only ID and mobile numbers were given, they will have 12 months or within the end of this calendar year to comply with KYC norms in order to be converted to full KYC compliant.
  • Without the KYC complaint customers, there cannot be more than Rs.10000/- as balance in such account and shall have the restriction for purchase of goods and services only. No remittance can be done to other wallets or Banks through such accounts.
  • Full KYC complaint customers can remit Rs.1.00 Lakhs as amount to other wallets and Banks in India and accept an inward foreign remittance of Rs.0.50 Lakhs, keeping a balance of Rs. 1.00 Lakhs.
  • For avoiding frauds, a cooling period shall be observed at the time of loading of transaction in the wallet and outward movement of funds.
  • Transaction Alert System is also to be observed in all such transactions.
  • Wallet Players’ net-worth has also been increased from Rs.2.00 Crores to Rs.5.00 Crores to be further increased to Rs.15.00 Crores within 3 financial years.
  • For Gifting, Reserve Bank of India has also introduced norms and restricted amount of Rs.10000/- and mass transit systems for Rs.3000/-

These norms have been introduced by RBI in order to facilitate normal & genuine transactions with transparency.

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