RBI proposes new norms for banks to protect customers from Aadhaar-enabled payment fraud

In a bid to curb Aadhaar-enabled Payment System (AePS) frauds, the Reserve Bank of India (RBI) on Wednesday, July 31, issued draft directions for banks to follow while onboarding agents who operate AePS touchpoints.

The draft directions have been proposed following the central bank’s February 2024 notification which said that the RBI is looking into streamlining the onboarding process of AePS touchpoint operators for banks and considering additional fraud risk mitigation measures.