Merchants failing to meet RBI's KYC deadline face potential UPI payment suspension
The UPI network in India might experience service interruptions as the September 15 RBI deadline for KYC compliance nears. According to a Moneycontrol report, roughly 30% to 35% of offline merchants using QR codes may fail to meet this requirement. Additionally, about 1 million small online vendors are in danger of missing the verification cutoff. Payment aggregators are required to finish re-KYC processes for current merchants by September 15, or else their ability to accept payments will be halted.
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