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The Reserve Bank of India (RBI) has released draft directions on the due diligence of Aadhaar Enabled Payment System (AePS) Touchpoint Operators, aiming to strengthen the security and reliability of AePS transactions.
The move follows the announcement in the Statement on Developmental and Regulatory Policies dated February 8, 2024, and comes in response to instances of fraud in AePS, often due to identity theft or compromise of customer credentials. The RBI highlighted that enhancing the robustness of the onboarding process for AePS Touchpoint Operators is essential to protect customers and maintain trust in the system.
The draft directions seek to streamline the onboarding process and ensure stricter compliance by Touchpoint Operators, thereby reducing the risk of fraud and safeguarding the interests of bank customers.
Stakeholders are invited to provide comments or feedback on the draft directions by August 31, 2024. Responses can be sent via email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, RBI, Central Office, Mumbai.
[RBI]