How can I complete my KYC verification?
In order to complete your KYC verification, you need to send the following documents to firstname.lastname@example.org, with the subject line "KYC_[Mobile number registered with us]". For example if you have registered with us using the mobile number 9876543210, the subject line should be "KYC_9876543210".
- Your Photograph
- Copy of an officially valid document (OVD) containing your identity details
- Copy of an OVD containing your address details
Below are the list of officially valid documents (OVDs) for your reference:
- Driving License
- Permanent Account Number (PAN) Card
- Voter's Identity Card issued by the Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Aadhaar Card or letter issued by the Unique Identification Authority of India containing
details of name, address and Aadhaar number
I am an OlaMoney wallet holder as on October 11th, 2017. What is the impact of the new RBI Master Direction on PPIs (2017) on me?
If you already have completed full KYC for your OlaMoney wallet account, you will be able to continue use of your OlaMoney wallet without any further action.
If you haven’t completed the full KYC for your OlaMoney wallet account, you can opt to convert it into a minimum KYC (i.e. OTP verified mobile number, name and OVD number) or full KYC account on or before December 31st, 2017; failing which, you will not be allowed to further load money in your wallet. Also, you cannot undertake any fund transfer to a bank account or to another wallet account till you complete the full KYC. You will still however be able to carry out merchant transactions using the balance available in your wallet account.
Please reach out to the customer care team for any further details.
What are the changes in wallet balance limits prescribed under the new RBI Master Directions on PPIs?
With effect from October 11th, 2017, the permissible balance in the minimum KYC prepaid payment instruments has been reduced from INR 20,000/- to INR 10,000/-. You will be provided with a one- time option to transfer your PPI balance to a bank account (without payment of any transfer charges). Also, the maximum total amount that can be reloaded in your PPI, in a financial year, cannot exceed INR 1,00,000/-. Please note that you cannot create more than one wallet account with the same KYC details.
What are the other major changes that I should know about the new RBI Master Directions on PPIs?
If you haven’t used your wallet account for any financial transactions continuously for a period of 12 months, your wallet account shall be made inactive. We will however provide notice to you before taking such action. Please check our website/App for further updates. You can also read further details about the changes in law on the RBI website.