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'Ewallet Remittances, Business Slump in the Wake of KYC

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'Ewallet Remittances, Business Slump in the Wake of KYC © 2006-2017 Kasturi & Sons Ltd. -vijay kumar [email protected] - EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE THE HINDU CHENNAI SATURDAY, MARCH 10, 2018 BUSINESS 17 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE market watch 09-03-2018 % CHANGE ‘E­wallet remittances, business ‘Only about 50% of PAN Sensex dddddddddddddddddddddd 33,307 ddddddddddddd-0.13 US Dollardddddddddddddddddddd 65.17 ddddddddddddd-0.05 Gold ddddddddddddddddddddddddddd 31,350 ddddddddddddd-0.32 Brent oil ddddddddddddddddddddd 64.73 ddddddddddddddd1.27 slump in the wake of KYC at’ cards linked to Aadhaar’ NIFTY 50 The deadline to link PAN with Aadhaar is March 31 PRICE CHANGE Remittance volumes have shrunk 70%, e­commerce transactions halved: ocial Adani Ports. ............. ..... 377.90. .....-10.05 TCA Sharad Raghavan on the number of accounts Ambuja Cements. .... ..... 235.40. ....... -0.85 NEW DELHI Asian Paints. ............ ... 1129.10. ........ 1.50 MANOJIT SAHA in private sector banks. Aurobindo Pharma . ..... 592.45. ........ 3.25 TCA Sharad Raghavan With less than a month to go Axis Bank . ................ ..... 505.35. .....-15.20 Mumbai/New Delhi for the expiry of deadline for Share of private banks Bajaj Auto . ............... ... 2935.40. ...... 11.50 Bajaj Finance . .......... ... 1654.20. ...... 26.15 The volumes of remittances linking Aadhaar numbers to However, given that private Bharti Airtel . ........... ..... 402.15. ........ 0.85 and e­commerce transac­ PAN, the government on Fri­ sector banks have about Bosch . ...................... 18203.55. .... 108.75 tions made using prepaid day said that it had so far 20% market share in India, BPCL. ........................ ..... 439.40. ....... -2.80 payment instruments (PPIs), been able to link only about the actual proportion of ac­ Cipla . ........................ ..... 571.05. ....... -6.95 Coal India . ............... ..... 304.05. ....... -1.45 including electronic wallets, 50% of the PAN cards issued counts linked across the Dr Reddys Lab . ........ ... 2129.90. .....-13.50 have slumped sharply fol­ to Aadhaar numbers. banking sector is likely to be Eicher Motors. ......... 27963.85. .... 252.00 lowing the expiry of the Fe­ “As per the latest available less. “The economy has just GAIL (India). ............ ..... 436.90. ........ 0.45 bruary 28 deadline for en­ information as on March 5... about come out of the im­ HCL Tech. ................. ..... 943.00. ....... -7.65 HDFC . ....................... ... 1818.60. ...... 19.85 suring all PPI accounts are in the number of Aadhaar pact of vast structural jerks HDFC Bank. .............. ... 1851.05. ....... -1.80 compliance with know your cards linked with PAN is of demonetisation and the Hero MotoCorp . ...... ... 3586.35. ....... -0.35 customer (KYC) norms, pay­ 16,65,82,421,” Minister of Shiv Pratap Shukla Goods and Services Tax and Hindalco . ................. ..... 220.20. ....... -2.50 HPCL . ....................... ..... 357.05. ....... -3.50 ments industry ocials said. State for Finance Shiv Pratap is not ready for another chal­ Hind Unilever . ......... ... 1300.75. ........ 7.60 According to industry esti­ Shukla informed the Lok go for the deadline to link lenge by way of any bank ac­ Indiabulls HFL . ........ ... 1199.20. ....... -7.15 mates, the volume of remit­ Sabha. “Further, as on PAN with Aadhaar, only count becoming inoperative ICICI Bank . ............... ..... 292.70. ....... -4.25 tances has shrunk 70%, March 2... 8,779.65 lakh cur­ about half of the PAN cards after March 31,” Assocham IndusInd Bank . ........ ... 1697.55. ........ 3.40 Bharti Infratel . ........ ..... 333.15. ........ 1.95 while e­commerce transac­ rent accounts and savings issued so far have been secretary general D.S. Rawat Infosys . .................... ... 1163.40. ........ 6.75 tions have halved since accounts have been linked linked. According to another said in a statement. Indian OilCorp. ........ ..... 385.50. ........ 3.40 March 1. The Reserve Bank with Aadhaar.” answer in the Lok Sabha, the “As of now, even those ITC . ........................... ..... 259.25. ........ 0.40 Blue­collar blow: A large percentage of those using wallets for remittances are people like of India (RBI) had directed An August 2017 answer in Finance Ministry said that as having submitted Aadhaar Kotak Bank . ............. ... 1082.45. ........ 0.15 taxi drivers and daily wage labourers, says Payworld’s Dhabhai. * MOHAMMED YOUSUF L&T. .......................... ... 1290.50. ........ 6.70 PPI issuers to ensure all ac­ the Lok Sabha shows that of April 2017, there were details are getting KYC re­ Lupin . ....................... ..... 764.50. ....... -6.65 counts were KYC compliant 32,68,25,653 PAN cards have 92,45,06,506 savings and minders. There is a lot of M&M . ....................... ..... 728.50. ........ 1.85 “on or before February 28, Transactions using e­wal­ would come to the retailer account holder does not been issued in the country current accounts in public confusion which may lead to Maurti Suzuki. ......... ... 8660.60. .....-68.75 NTPC . ....................... ..... 164.40. ....... -0.90 2018” and asserted last lets had fallen a precipitous who would assist them to have an Aadhaar number. as of that month. This means sector banks (PSBs) alth­ further problems as we ap­ ONGC . ...................... ..... 179.90. ....... -0.25 month that it would provide 80% since February 28, ac­ send the money from their e­ For full KYC, complete auth­ that, with about 20 days to ough there is no ready data proach the deadline.” PowerGrid Corp . ..... ..... 192.90. ....... -2.50 no further extension. cording to e­wallet provider wallets to their near and entication and verication of Reliance Ind . ........... ..... 913.10. ........ 1.65 “Remittance is badly hit Payworld. dear one’s bank account.” residence and identity proof State Bank . .............. ..... 253.25. ....... -3.55 Sun Pharma . ............ ..... 506.80. ....... -7.80 due to the KYC norms as “We were doing 50,000 However, these retailers are required. In October, RBI Tata Motors . ............ ..... 341.50. ....... -3.65 compared to e­commerce,” money remittance transac­ had been facing problems had directed all PPI issuers ‘India to wait ‘Resolution of Bhushan Tata Steel . ............... ..... 606.75. .....-29.15 said a payments industry of­ tions per day, which has since March 1 due to poor in­ to make all accounts fully TCS . .......................... ... 3034.10. ...... 30.15 for U.S. tari Tech Mahindra . ....... ..... 619.20. ...... 12.00 cial, who did not wish to be come down to 10,000 since frastructure or poor know­ KYC compliant by December UltraTech Cement. .. ... 4079.85. .....-40.05 named. March 1,” Praveen Dhabhai, ledge, he said. 31. The deadline was later ex­ Steel is credit positive’ UPL. .......................... ..... 712.15. ........ 1.35 COO of Payworld said. “And tended to February 28. notication’ Vedanta . .................. ..... 304.15. ....... -4.25 e-KYC saving grace that is generally what the in­ Infrastructure woes RBI had issued licences to Wipro . ...................... ..... 285.05. ....... -0.15 SBI, in particular, to benet: Moody’s PRESS TRUST OF INDIA YES Bank. ................. ..... 303.25. ....... -5.30 “E­commerce volumes are dustry is facing, an 80% fall “Many of our retail points 55 non­bank mobile wallets NEW DELHI Zee Entertainment . ..... 568.50. ........ 5.00 hit to a lesser extent because in the number of transac­ don’t have the required in­ while 50 banks have their Special Correspondent banks. Within this 40%, the RBI has allowed e­KYC of the tions since the e­KYC frastructure to do the e­ own wallets. India said it is awaiting U.S. Mumbai steel sector constitutes the customers for 12 months, af­ deadline.” KYC,” Mr. Dhabhai said. “To “It’s an interesting and notication on the increase Moody’s Investor Service on largest industry, with a EXCHANGE RATES ter which full KYC can be E­wallet providers PayTM do it, you need a biometric challenging time,” said Na­ in import tari on steel and Friday said that the resolu­ share of about 35% of these Indicative direct rates in rupees a unit except yen at 4 p.m. on March 09 done. However, customers and PhonePe declined to device, which is not easy to veen Surya, chairman, Pay­ aluminium, to gauge its im­ tion of Bhushan Steel, which NPAs. Within the steel sec­ CURRENCY TT BUY TT SELL who opt for e­KYC can tran­ comment when contacted install. And even if they have ments Council of India. pact on domestic players was referred to the National tor’s NPAs, Bhushan Steel is US Dollar. .................... 64.97. ......65.29 sact only 10,000 per by The Hindu. the devices, they have to be “Challenging because it is amid a global outcry over Company Law Tribunal last the largest account repre­ Euro . ............................ 79.92. ......80.33 month,” the
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