Calcutta HC: Employee Looking for Another Job with Rival Company Isn’t Contrary  ||  Allahabad HC: Can’t Call Hindu Marriage Invalid Only because it Isn’t Registered  ||  Allahabad HC: Can’t Call Hindu Marriage Invalid Only because it Isn’t Registered  ||  Allahabad HC: No Power on Police to Open History-Sheet on Likes or Dislikes  ||  Rajasthan HC Puts Stay on Installation of Dairy Booth Outside Private Residence  ||  Calcutta HC: Cannot Summon Accused to Produce Incriminating Evidence against Himself  ||  Kerala HC Upholds STA’s decision mandating installation of cameras with Fatigue Detection Censors  ||  SC: Executive Instructions Cannot Override Statutory Recruitment Processes  ||  Delhi Lieutenant Governor’s Notification regarding Evidence of Police officers Put on Hold  ||  SC Issues Notice in Plea to Bring Bar Councils under POSH Act    

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