The Reserve Bank of India has made it mandatory for all Issuers of Prepaid Payment Instruments such as digital wallets and e-wallets, to be compliant with the ‘Know Your Customer (KYC)’ Directives or Guidelines issued by Reserve Bank of India. RBI Guidelines under the Payment and Settlement System Act have now mandated Providers / Issuers of Prepaid Instruments and electronic wallets to verify the identity of all the customers.
Effect of new KYC guidelines on Sodexo account/pass holders:
Sodexo account holders who have already completed their KYC requirements will not have any problems and can continue to use the account seamlessly as before. Those who are yet to do so need to immediately update at least the minimum details or KYC requirements for them to continue to receive any new credit by their employer.
Submission / Completion of KYC requirements will ensure the permissible balance limit of Rs. 1,00,000/- while ‘Minimum Document’ is a restricted account i.e balance on card at any point in time cannot exceed Rs. 10,000/- and in a calendar month the total spends and credits cannot exceed Rs. 10,000/- each. ‘Minimum Documents’ submissions will be valid for only one calendar year or up to a cumulative annual limit load of Rs. 100,000/- whichever is earlier after which you will have to meet complete KYC requirements.
Updating ‘Minimum Documents’ requirements in simple steps:
For Minimum Documents, you can provide the number of any one of the following Officially Valid Documents (OVD): Aadhaar Card, Passport, Voter’s I.D. or Driving License. Updating / completing ‘Minimum Documents’ requirements with Sodexo is simple and can be done either through the portal or through SMS (only for Aadhaar)
Five easy steps to update KYC through Sodexo portal:
1.Go to http://kyc.sodexobrs.com
2.Enter the registered mobile number/email address
3.Enter the last four digits of your card number
4.Provide your Aadhaar card number or number of any other ‘Officially Valid Document’
5.Validate mobile number using OTP
Update through SMS:
SMS Format: CARD<space>ADHR<space>Your 12-digit Aadhaar number<space>YES to 9225660070 from your registered mobile.
Example: CARD ADHR 123456789123 YES
Please note that in case you choose to update your Aadhaar number via SMS, you have accepted and agreed to the Aadhaar terms and conditions which are available at http://bit.ly/KYCTnC