J&K&L HC: Failure to Frame Limitation Issue Not Fatal; Courts May Examine Limitation Suo Motu  ||  Bombay HC: Preventing Feeding Stray Dogs at Society or Bus Stop is Not 'Wrongful Restraint'  ||  Gujarat HC: Not All Injuries Reduce Earning Capacity; Functional Disability Must Be Assessed  ||  Delhi HC: Framing of Charges is Interlocutory and Not Appealable under Section 21 of NIA Act  ||  Supreme Court: Mutation of Revenue Records Can Be Based on a Will  ||  Supreme Court: Informant’s Criminal Revision Does Not Abate on Death; Other Victims May Continue  ||  Supreme Court: Driving Licence Renewal After a Gap Will Not Take Effect From Expiry Date  ||  Supreme Court: High Courts Cannot Quash Cheque Bounce Cases by Pre-Trial Inquiry Into Liability  ||  Supreme Court: Passport Renewal Cannot be Denied if Trial Court Has Permitted it Despite Pending Case  ||  SC: Delay in Depositing Sale Balance Does not Make Specific Performance Decree Inexecutable    

RBI releases draft direction for Aadhaar Enabled Payment System (AePS) - (31 Jul 2024)

Banking

Reserve Bank of India releases the draft directions on Due Diligence of AePS Touchpoint Operators. Directions are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007. Aadhaar Enabled Payment System (AePS) is a payment system operated by National Payment Corporation of India (NPCI) that facilitate interoperable financial transactions through the Business Correspondent (BC) / Bank Mitra of any bank, using the Aadhaar authentication. AePS plays a prominent role in enabling financial inclusion.

In recent times, there have been instances of frauds perpetuated through AePS due to identity theft or compromise of customer credentials. To protect bank customers from such frauds, and to maintain trust and confidence in the safety and security of the system, a need is felt to enhance the robustness of AePS. Accordingly, as announced in Statement on Developmental and Regulatory Policies dated February 08, 2024, it has been decided to issue directions for streamlining the process for on boarding of AePS touchpoint operators and on-going due diligence. Banks and NPCI shall ensure compliance to these directions within three months from the date of issue.

The acquiring bank shall monitor the activities of AePS touchpoint operators on an ongoing basis and set operational parameters, in accordance with the following principles:

1. Transaction limits shall be set for AePS touchpoint operators based on their risk profile.

2. Transactions of AePS touchpoint operators shall be consistent with their location of operation and risk profile

Tags : AEPS   DIRECTIONS   RELEASE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved