RBI extends merchant re-KYC deadline to March 15, 2027
Good news for payment platforms and merchants: The Reserve Bank of India has just pushed back the deadline for completing merchant re-KYC by six months, now landing on March 15, 2027.
Kush Mehra, CBO & President, Pine Labs broke the news at Global Fintech Fest, saying this move should make life easier for everyone working through India's massive merchant network.
Kush Mehra welcomes re-KYC extension
Mehra admitted that getting all merchants through re-KYC was a huge challenge.
"We were all chasing the September 15 deadline... we had made representations to extend it," he shared, sounding relieved about the extra time.
This extension means payment aggregators can focus on doing things right instead of rushing.
Pine Labs: transaction values up 25%-30%
Pine Labs is feeling upbeat about the next quarter after seeing big numbers during India's festive season.
Mehra pointed out that people are spending more on premium gadgets and electronics, with transaction values up 25% to 30% year-on-year as shoppers use affordable financing options for bigger buys.