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Complain PhonePe.com - Restricted money into phonepe wallet

Complain ID : CCN031426   43  

Mobile App Complaint Complaint Date: April 15, 2018
Modified date: May 15, 2018
Dear sir, with respect to RBI rules - Those who do not comply with the KYC norms will not be allowed to load money into their respective wallet accounts or carry out remittance-based transactions. They will also not be allowed to transfer the cash in the wallet account to their bank accounts.

Sir,It says that if a user's KYC is not done, he won't be allowed to load money in wallet. PhonePe is not following this rule .It allows user to load money but doesn't allow to transfer it to another wallet or into his bank account. Money became restricted to wallet. User can only use this money for service they offer. Their eKYC is shutdown from more than a week.

I loaded 5000/- in my wallet to transfer it to one of my friend but they restricted amount in wallet. I had to pay fine for not transferring the amount to my friend. Till today I am unable to withdraw money because of their eKYC service is off.

I request you to pay attention to their these type of behaviour. I have seen many complaints on this issue on internet. My issue is that why they allowed me to load money in wallet even when I didn't complete the KYC ,they are not following RBI rules. Please look into this matter.Thanks
Complaint Against / To: PhonePe

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