RBI brings fresh guidelines: The Reserve Bank of India (RBI) in a set of fresh guidelines, has introduced stricter Know Your Customer (KYC) norms for wallet users, allowed interoperability and brought in fraud detection norms to prevent fake wallet transactions steps which will change the scope of operations for mobile wallets.Customer can now move money between wallets of different companies and banks seamlessly through Unified Payments Interface (UPI) provided they full KYC formalities, like they do for Bank accounts. Mobile wallets which have been confirming to a minimum KYC format will have to full KYC wallet within 12 months of opening it. All existing wallet users have to convert to the full KYC format by this year end.The RBI said minimum KYC wallets cannot have a balance of more than Rs 10,000 and this can be allowed only for purchase of goods and services and not for remittances to other wallets or bank accounts. Full KYC wallets will have a limit of Rs 1 lakh and all facilities for fund transfer will be allowed.Although the wallet industry was pushing for minimum KYC norms, the RBI guideline show that only serious players with deep pockets will be to enter the payments space. RBI has also increased the net worth requirement for players in this space. For a PPI license companies need a positive networth of Rs 5 core at a time of applicant against RS 2 crore previously.They has to be Rs 15 crore within the third financial year of receiving RBI authorization. “The higher positive net worth requirement for wallets is justified because RBI is recognizing wallets as a serious financial services space,” said Vijay Shekhar Sharma, founder of Paytm.“If money will be moved across wallets of different companies, they will need that higher capital to be able to support such transaction.” RBI has also increased the limit on the amount that can be transferred from wallets to Rs 1 lakh, It also allowed inward international remittance for wallets, with an upper limit of Rs 50,000.
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