The e-KYC deadline for mobile wallets ends on Wednesday night (February 28). Those who've not done it have just a few hours to complete the KYC process. Once the deadline ends, you won't be able to use all features of your mobile wallet services. However, Paytm's KYC option seemed to face some trouble at the last hour of the deadline. Multiple customers were left harried after they got the error "Oops. Something went wrong during the application process. Please try again later".
MANDATORY RBI GUIDELINES
The RBI has made it mandatory for all mobile wallet users to fulfill KYC norms to use mobile wallet services to make the online payment system transparent and prevent money laundering or any kind of fraud. The central bank has refused to extend the deadline, though it has said people can continue to undertake transactions for purchase of goods and services as per the available balance, but will have to fulfill the KYC requirements before remitting money or reloading the wallet.
For those who want to update KYC details, there are two options - minimum and maximum KYC. Minimum KYC can be done by linking wallet with Aadhaar and PAN, but that will not allow you keep more than Rs 10,000 in your account. Also, you won't be able to send money to other similar wallets. The RBI has set 12-month deadline for all customers to furnish maximum KYC from the time you furnish minimum KYC.
HOW TO COMPLETE KYC IN PAYTM
The company makes it mandatory for you to either schedule a meeting with a Paytm representative or you can visit the nearest KYC centre. Once you put Aadhaar or Voter ID details in your account, the link will give you options of nearest KYC centres where you can verify those details.
1. Click on KYC icon
2. Choose option: Request a visit or visit KYC centre
SHOULD YOU WORRY?
There's been a lot of noise over the KYC-linking of e-wallets for the past one week. But there is no reason for users to panic because RBI Deputy Governor BP Kanungo has made it clear that "customers will not lose their money". Also, you could choose to close the PPI (prepaid payment instrument) account and get the balance money transferred into your bank accounts.