In February 2019, bringing relief to digital wallet companies, the Reserve Bank of India (RBI) extended the deadline for them to meet the Know Your Customer (KYC) norms. KYC guidelines help prevent fraudulent activities like money laundering and risks that may arise in the light of expanding technology. An emerging market dealing with money, especially in the digital space, is prone to risk and this attracts warnings by the RBI. Hence, it should be of no surprise seeing the RBI taking measures to prevent fraud via digital wallets. But what has come to everyone’s surprise is the announcement of deadlines to meet KYC with only a non-descript regulation without stating a clear road map. Along with this, RBI specifying on the subject of interoperability mandates the incorporation of Unified Payment Interface (UPI) into the application for the feature to be enabled in respective e-wallets. CPPR intern Jayashri Ramesh Sundaram writes…

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