RBI releases draft rules on AePS to counter frauds on payments system

The Reserve Bank of India (RBI) on Wednesday released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem.

Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.

Since these are draft guidelines, the final date of issue of these directions is undefined.