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  • Category: Miscellaneous

    Why should I complete KYC for e-wallets?

    For the last few days, I have been unable to pay or add money to my Paytm wallet and got to know that unless we complete the formality of KYC we won't be able to do any transaction.

    I find this very frustrating especially when people are running off with lots money from the bank we common people are restricted to use small amounts through e-wallets without KYC.

    Do you support this move? I am going to uninstall e-wallets as I really find it unnecessary to link my aadharcard to every single thing.

    This is really not helping in any way. Are you facing such issue? Do you support this move by the RBI?
  • #627811
    Keeping in view the frauds that happen in Internet the banking authorities and other agencies dealing with on line deals are making it doubly sure that you wont loose any money and hence KYC norms.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #627818
    If transactions are more than 10,000 KYC docs are compulsory, that was sensible. But to make it compulsory even to use the applications is really not acceptable.

  • #627822
    In this country, a common man is a sufferer always. All rules and regulations will be forced on a common man only. The big people will be going with lots of money without any fear but a common man will be facing all hardships for their daily transactions. For crores of rupees, these banks don't ask any guarantee but they want KYC for small apps. I think the government is penny wise and pound foolish. Very very worst state of affairs.
    I agree with the author that for less than Rs.10,000/- transactions there is a meaning if they ask these papers and all that. For a few hundreds transaction why they should insist on all these points. It is like a nuclear bomb on a sparrow.I feel the banks are overdoing the rules on the common man and leaving the big people without any problem. The rulers should think seriously and see that public money is not getting wasted.

    always confident

  • #627827
    Yes, I have e-wallet account with the different bank or mobile app like PayTM, Mobikwik, freecharge, pocket, etc. These e-wallets are managed by different banks or they perform banking function. According to RBI guidelines every bank has to KYC update of every customer. I am also facing this issue and I have done KYC update almost with many e-wallets. I am not finding any problem with it.
    Honesty is the best policy.

  • #627871
    In order to complete the full KYC requirement, customers need to submit their photograph if he or she is not a minor, along with a copy of an officially valid document containing their identity details, address details, and photograph.

    Examining the issue from the other angle, one can question that - 'what is the harm in honouring the KYC norms?' The RBI has issued the guidelines and the banks are simply following the same. Detection of bank scams etc. generally lead to further invigoration of the KYC process.

    Many customers feel fussy about parting with their photographs as a part of KYC process. But there is no escape from the same as the procedure requires it. It is totally up to the individual customer to decide to continue or dispense with the facility/system.

    Let us encourage each other in sharing knowledge.

  • #627980
    What is the harm in honoring the KYC norms?

    I have honored the KYC norms for all my bank, credit and other places wherever it was required and genuine enough. I don't think that to use an application on your mobile, that too which is a third party app, I'll have to validate my KYC just for transactions that are way below 10,000. It's totally an unfair game where I feel I am vulnerable to give away my personal details.

  • #628460
    Most of the personal data would be available for sale. Being in the healthcare sector, I regularly get letters of invitation for the launch of apartments, big sales, property expo etc. All these come to me with the exact name error that I can link to two of the organisations that I'm a member of. You can walk into the banks and get balance details in family member accounts if you know the staff well. Such things happen, KYC is a good check/filter in place to see that money is not misused. But the real problem is who is monitoring how these details are used. Before you install an app, it asks you permission for literally abusing the information.We all, tick it in a hurry and proceed. Can anyone assure me that my details are going to be safe? The answer would be no. Can we live without these accessories in today's digital world? It would be difficult. so we have to be prepared to have cash on hand for smaller transactions and purchases on the move. reverse the mobile transaction for bigger purchases.

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