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RBI Restriction on Jan Dhan Accounts, Withdrawal Limits to Rs 10,000 per Month

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Reserve bank of India in a bid to look after farmers and rural Jan Dhan Account holders from illegal activities, Reserve Bank of India (RBI) has released a circular saying that Jan Dhan Account owners will be allowed to withdraw Rs 10,000 per month temporarily.

RBI new notification applies to Know Your Customer (KYC) compliant Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts financed through deposits of new bank notes after November 9, 2016. As we know, Modi Government has bombed the news of old Rs 500 and 1000 notes ban on November 8, and a day after banks began to give out the new Rs 500 and 2000 notes.

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KYC Compliant Jan Dhan Yojana Account holders who want to draw more than Rs 10000 per month will have to submit the proper documents to attest why they need the huge cash. After verification, bank managers will be allowed to withdraw more than 10,000 per month.

However, non KYC compliant PMJDY account holders will allow withdrawing Rs 5,000 a month from the amount they have deposited through new notes after November 9, 2016.

RBI officials in a meeting said, “With a view to reduce black currency and save farmers and rural PMJDY account holders from money launders and illegal people, it has decided to put restrictions on Jan Dhan Account owners on money withdrawal from their accounts. People of PMJDY can be allowed to draw only Rs 10,000 a month and non KYC compliant account holders can withdraw Rs 5,000.”

Government to Deposit Rs 10,000 in Pradhan Mantri Jan Dhan Yojana Accounts

It also confirmed that new Rs 500 and 2000 notes are giving through banks.

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

Modi’s decision of demonetising   Rs. 500 and Rs. 1000 notes have incurred lots of interest in the cash less transfer. The mobile wallets and digital payments are considered to be alternative for the cash crisis. Paytm has en-cashed the situation of the cash hassles by rolling out a new feature in the app. This new feature allows the customers to send money from paytm wallets to any bank accounts at a flat fee of 1%.

More than 85,000 merchants and 30 million users have already used the paytm services in past three days for household services like groceries, petrol, etc.  The e-wallet giant has no charges for transfer between the paytm wallets.

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Paytm has a user base of more than 150 million widely used in e-commerce market place, other recharges, train bookings, etc.  The flat fee of 1% will be applicable for all paytm wallets which are KYC compiled. For new customers who have not complied KYC forms will have to wait for three days to transfer money to bank accounts. Overall 1% charges will apply to the total amount debited from the paytm wallet.

Other e-wallet platforms like FreeCharge, Ola Money and MobiKwik have seen a surge in the user registration after the cash turmoil.

Airtel and Vodafone launches e-KYC verification using Aadhaar

Airtel and Vodafone launches e-KYC verification using Aadhaar

After being slapped with huge penalties by TRAI for violating customer verification norms, the telecom companies have taken the KYC formalities seriously.Recently a notification was released by DoT( Department of Telecommunication) for rolling out instant Aadhaar based e-KYC (Know Your Customer) verification for mobile connections.

Following this notification, major telecom companies like Airtel and Vodafone have launched e- KYC services at their stores to help their customers to activate new SIMs instantly with Aadhaar number verification.

Airtel has launched e-KYC service at Delhi NCR, while Vodafone is planning to introduce the facility across India from August 24.

Aadhaar Based e-KYC Verification for instant  SIM card approval

“Customers walking in for a new connection at our stores will walk out talking in just a few minutes. We had partnered with the Department of Telecom (DoT) to pilot the Aadhaar based e-KYC solution and tested it successfully in two circles,” Vodafone India Director Sandeep Kataria said.

Effective Wednesday, August 24, we are rolling it out across the country,” he added.Airtel spokesperson said the facility launched currently at National capital region will be available at all company-operated stores in few days.

Customers preferring verification using e-KYC need to mention their Aadhar number and provide their finger print. This will be enough to activate either pre-paid or post-paid SIM cards.

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This process will reduce the time taken for SIM verification which is long for a document-based process. The e-verification process provides instant verification which will be completed in minutes.

KYC verification for SIM cards has been made mandatory to curb terrorist and kidnapping activities. Recently TRAI has imposed fine of 300.34 Cr and 285.62Cr on Airtel and Vodafone for violating the KYC