May 8, 2021

Aone Punjabi

Nidar, Nipakh, Nawi Soch

Paytm, Phone Pay Alert

2 min read

The Reserve Bank of India has set a definite guideline regarding the savings and current account, but no guidelines have been made by the RBI so far regarding the mobile wallet. If the customer does not use his wallet, the company can close them. The company has its own internal guideline. If there is no transaction from mobile wallet for one year then it becomes inactive. At present, mobile wallet companies are adopting almost the same procedure as banks using a savings or current account.

The Reserve Bank of India has given clear instructions to all banks that banks should keep an eye on all the accounts in which there has been no transaction since the year. After marking these accounts, talk to the account holder. Wallet companies are also instructed that customers who are not doing any transactions for more than a year. Contact them and inquire about the account. If no response is received, close the account. Banks can also decide to close or continue the account based on their policy. However, most wallet companies have been giving their customers time for three years. That is, if you do not make any transaction for three years, then your account will be closed. If the account holder does not respond, close the account.  According to the rules so far, if the ‘wallet’ is closed, the money will not be returned. It is better that customers spend their wallet money first. Only then ask the company to close the account. However, the Reserve Bank allows money to be transferred to bank accounts. But despite this, companies do not want to do this. 

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