The Reserve Bank of India (RBI) on July 31, 2024, issued the Draft Directions on Aadhaar Enabled Payment System – Due Diligence of AePS Touchpoint Operators.
The following has been stated:
• Onboarding of AePS Touchpoint Operators:
o The acquiring bank shall carry out due diligence of all AePS touchpoint operators onboarded by it, in accordance with the Customer Due Diligence procedure for individuals, stipulated in Part-I, Chapter-VI of the Master Direction – Know Your Customer Direction, 2016 (as updated from time to time), issued by the Reserve Bank.
o The acquiring bank shall carry out updation of KYC in cases where an AePS touchpoint operator has not performed any financial transaction for a continuous period of six months, before enabling him / her to transact further.
o NPCI and acquiring banks shall ensure that any AePS touchpoint operator is onboarded only by one acquiring bank.
• Adherence to NPCI instructions:
All System Participants are required to adhere to the rules and regulations, governing the operation of AePS, issued by NPCI (System Provider of AePS).
The Comments / feedback on the draft directions may be sent by email [email protected] or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, on or before August 31, 2024.
[Notification No 2024-2025/804]
