The RBI has published the “Master Direction on Issuance and Operation of Pre-paid Payment Instruments” as updated from time to time. RBI introduced new guidelines for Semi-closed PPI in December 2019 which do not have a fixed time duration of compulsorily doing Full KYC.
Accordingly, all Sodexo Clients, Merchants and Consumers are required to comply with the following:
- Clients are required to make advance payment as the same needs to be deposited in Escrow Account on issuance of Sodexo Cards
- Clients, Sodexo Cardholders and Merchants need to comply with the Know Your Customer / Anti-Money Laundering & Combating Financing of Terrorism Guidelines issued by RBI
- KYC compliance with Sodexo Cards:
- Sodexo Cardholders with Minimum KYC:
- The minimum details shall include mobile number verified with One Time Pin (OTP) and self-declaration of name and unique identification number of any of the ‘Officially Valid Documents’: Passport, PAN Card, Voter ID & Driving License
- The amount loaded on Sodexo cards during any month shall not exceed ₹10,000 and the total amount loaded during the financial year shall not exceed ₹1,20,000
- The amount outstanding at any point of time in such PPIs shall not exceed ₹10,000
- The total amount debited from Sodexo cards during any given month shall not exceed ₹10,000
- Sodexo Cardholders with Full KYC:
- Full KYC requires entering valid PAN to check KYC in the c-KYC and NSDL government databases. In case KYC doesn’t exist with these databases, KYC can be completed via Offline Aadhaar .
- On completion of Full KYC, a cumulative balance up to ₹2,00,000 would be permitted to each cardholder on their prepaid instrument at any point in time.
- Merchants should report suspicious transactions to Sodexo on email@example.com.
- The Company has entered into an escrow agreement with Citibank NA and has opened an escrow account with the Fort branch of Citibank NA in compliance with the “Issuance and Operation of Pre-Paid Instruments in India (Reserve Bank) Directions 2009”. Accordingly, all payments to our Merchants will be made from the escrow account.
- In case of any query or need for support, the Sodexo cardholder can write us on firstname.lastname@example.org or call us on 022-69196919 / 022-49196919