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ARTICLE · 27 OCTOBER 2017

RBI Issues Norms On Complete KYC For e-Wallets

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These PPIs shall be reloadable in nature and issued only in electronic form, including cards.

IndiaFinance and Banking
S.S. Rana & Co. Advocates
S.S. Rana & Co. Advocates
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Introduction

The Reserve Bank of India (hereinafter referred to as "RBI") has prepared new norms for protection of wallet users from fraudulent transactions, vide Circular RBI/DPSS/2017-18/58 dated October, 11, 2017.1

The Guidelines titled the Reserve Bank of India (Issuance and Operation of Prepaid Payment Instruments) Directions, 2017 (hereinafter referred to as the "Directions") seek to authorize, regulate and supervise entities operating payment systems for issuance of Prepaid Payment Instruments (hereinafter referred to as "PPIs") in the country. PPIs are payment instruments that facilitate purchase of goods and services, including financial services, remittance facilities, etc. against the value stored on such instruments.2 PPIs can be issued as smart cards, magnetic stripe cards, internet accounts, online wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments used to access the prepaid amount.

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