New Delhi: Have you forgotten to submit the mandatory KYC-compliance for your prepaid mobile wallet? If so, then you will not be able to load fresh funds into your mobile wallet following the Reserve Bank order that kicked in from March 1 onwards.
The mandatory KYC-compliance deadline expired February 28. However, customers who have balances in such wallets or prepaid payment instruments (PPIs) need not worry about their money even if they do have not done the KYC (know-your- customer) norms.
RBI deputy governor BP Kanungo had said that in the event PPI issuers not obtaining the KYC-related inputs within the timeline from their customers, customers will not lose their money.
Customers 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.
As per the laws, a customer can fulfil the KYC requirements by submitting any document like the Aadhaar number, voter ID, among others.
Here's how you can link your Aadhaar and Paytm
Tap on the KYC icon on your Paytm app
Enter your Aadhaar details
You will get an OTP
Enter the OTP received in your Aadhaar linked Paytm number
You will be asked to enter some basic details such as your Marital Status, Father’s name, Mother’s name
After punching in the required details your Aadhaar KYC-compliance will be successful
Your KYC will be valid for one year. But the total credit to your wallet will be restricted to Rs 2 lakh per annum.
Paytm is also offering a flat Rs 20 cashback on your wallet within 7 days of completion of KYC. You can also use promo code AADHAAR200 to avail Rs 180 additional cashback on recharge/bill payments. This additional cash back of Rs. 180 will be spread across next 9 months. You can use this promocode every month to recharge or pay bills and get Rs. 20 cash back on a minimum bill amount of Rs. 100. The offer is valid till 31st December 2018.