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Paytm Payments Bank announced that it now has over 100 million KYC-compliant wallets of the over 220 million people using its payments service. In October last year, the Reserve Bank of India (RBI) made it mandatory for PPIs (Prepaid Instruments), including mobile-wallet operators, to make all accounts fully KYC-compliant by December 31. The deadline was later extended to February 28 this year.
In a statement, the bank stated that it has been actively educating users about the benefits of KYC and will continue to invest in setting up infrastructure to complete the process. Last year, Paytm Payments Bank had announced that it would invest $500 million in KYC operations after RBI’s new directive.
Paytm boss Vijay Shekhar Sharma had stated that Paytm will be incrementally adding another 10,000 members to the team for KYC obligations alone.
Paytm said it set up offline centres and a team of agents who collected documents from customers for the KYC process. The bank stated that every KYC customer has opened a Wallet Account with Paytm Payments Bank. Also, the 100 million milestone includes both complete (or full) and minimum KYC customers.
Apart from partner agents visiting customers to complete their KYC process, the bank has also introduced localised support through Paytm KYC centers and ‘Paytm-Ka-ATM’ outlets, located through the ‘Nearby’ section on the Paytm app.