RBI releases draft rules on AePS touchpoint operators to prevent frauds

The Reserve Bank of India issued draft rules requiring lenders to conduct due diligence on Aadhar-enabled Payment System (AePS) touchpoint operators to prevent fraud. The proposals aim to streamline onboarding and ongoing monitoring, with acquiring banks responsible for due diligence and KYC updates. The RBI also sets transaction limits based on risk profiles and location, giving a deadline of three months for compliance with the guidelines.