According to revised Reserve Bank of India and government guidelines, KYC (Know Your Customer) norms for prepaid payment instruments and e-wallets were made mandatory from which date?

Introduction / Context:
This question relates to banking regulations and digital payments in India. With the rapid growth of e-wallets and prepaid payment instruments, the Reserve Bank of India introduced stricter KYC norms. Competitive exams often ask on what date such rules became mandatory, because this reflects important regulatory milestones in the digital payment ecosystem.

Given Data / Assumptions:

• The question is about the date from which KYC norms became mandatory for e-wallets.
• Options provided are March 31, March 1, April 1, and May 1.
• We assume this refers to the widely reported deadline after which full KYC was compulsory to continue using wallet services without restrictions.

Concept / Approach:
Regulators usually give a clear deadline for implementation of KYC norms. For e-wallets, the key date widely mentioned in newspapers and notifications was March 1, from which full KYC compliance became mandatory. Many exam-oriented current affairs notes framed questions exactly like this to test whether candidates had followed the regulatory changes affecting digital payments.

Step-by-Step Solution:
Step 1: Recall that there was an initial grace period for wallet companies and users to complete KYC formalities.Step 2: Remember that after this period, a firm deadline was set, beyond which non-KYC wallets faced restrictions.Step 3: Among the given options, March 1 stands out as the widely publicised cut-off date for mandatory KYC for e-wallets.Step 4: Confirm that dates like April 1 or May 1 are not associated with this specific wallet KYC deadline in major news coverage.Step 5: Select March 1 as the correct option.

Verification / Alternative check:
You can cross-check this fact from RBI circulars, press releases, and financial news articles that covered the deadline for wallet KYC compliance. Current affairs magazines that summarised important economic and regulatory changes also mentioned March 1 as the date after which new rules took effect. Verifying against at least two reputable sources helps fix the date firmly in memory.

Why Other Options Are Wrong:
March 31: Sometimes confused as a financial year-end date but not the actual KYC enforcement date for e-wallets.April 1: Important as the start of the financial year, but not linked specifically to the wallet KYC rule in this question.May 1: Not associated with the key regulatory milestone described here.

Common Pitfalls:
Many aspirants mix up dates related to different regulations, such as GST changes, budget announcements, or income tax deadlines. Memorising a small timeline of recent financial and regulatory milestones can prevent confusion. Always note whether a date is tied to a policy announcement, a notification, or the start of enforcement.

Final Answer:
KYC norms for e-wallets and prepaid payment instruments were made mandatory from March 1.