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Digital wallet firms balk at Indian central bank’s stricter know-your-customer norms

( October 13, 2017, 06:59 GMT | Insight) -- Prepaid Payment Instrument and e-wallet companies are concerned over new know-your-customer guidelines issued by the Reserve Bank of India, which they say will increase costs and deter small transactions, the Hindu Business Line reports.Prepaid Payment Instrument and e-wallet companies are concerned over new know-your-customer guidelines issued by the Reserve Bank of India, which they say will increase costs and deter small transactions, the Hindu Business Line reports. The Economic Times reported that the central bank now required companies to ensure compliance with KYC norms by end-2017, and set a higher initial net worth threshold of 50 million rupees ($766,060) for firms offering such services. Consumers failing KYC compliance would be allowed to keep only 10,000 rupees in e-wallets and would be denied access to credit facilities if their wallets were not converted to "full KYC" accounts within 12 months. Service providers including Paytm and Mobikwik will meet with reserve bank officials soon to discuss their concerns. ...

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