Last year in October, RBI regulated digital wallets to done KYC of customers to get access to full rights of these platforms. According to norms issued by RBI, digital wallets like Paytm, MobiKwik, Freecharge, JioMoney, and others have mandatorily required completing their KYC by February 28.
Disregarding, the customer will not be able to use this service fully. That mean customer can not use these wallets as they were using earlier. Partially services offered will be disrupted.
Aadhaar Card is considered as a major identity for e-wallets. E-wallets like paytm majorly focusing Aadhaar as a purpose of verification. But the customer can use any other identities like Driving license, Voter ID, Passport and other government Identity proofs for verification.
Now, after Feb 28 one who had not done with KYC has to know about this.
This is the situation in which clients connect their Paytm wallet utilizing any legislature endorsed ID, i.e., Aadhaar, PAN card, NREGA card, travel permit or driving permit. For this situation, clients can keep the greatest wallet adjust for Rs 10,000. Likewise, despite the fact that they can add cash to their wallets, get cashback, pay for revives and different costs, however, won’t have the capacity to send cash to other Paytm clients or their financial balances.
Complete KYC or Full KYC
Under this customer have to go for in-person verification or Aadhar OTP verification with Paytm representative. A customer with full KYC has access to all facilities including Paytm Payments Bank. One can hold maximum wallet balance of Rs 1lakh.
Under Aadhar OTP verification customer asked to enter Aadhar No. which will be verified by OTP on the registered mobile number.
This is the situation in which clients don’t interface any ID verification with their Paytm wallets. Wallet clients can neither add cash to their wallets nor get cashback. They can likewise never again make exchanges with other Paytm clients. Whatever they can do is make payments utilizing their current wallet cash.
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