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RBI has directed financial companies to make know your customer(KYC) compliant prepaid payment instruments (PPIs) like mobile wallets interoperable within next 6 months.
As per RBI,”Interoperability shall be enabled in phases for the PPIs.”
The central bank in its guidelines stated that,the interoperability among wallets will be the first phase, and the regulator will be allowing fund transfers between bank accounts and wallets through the UPI platform in subsequent phases.
Further the regulator stated, only those wallets which are compliant with KYC norms will be allowed interoperability.
