Aadhaar Enabled Payment System (AEPS) is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.
The RBI today said that it has decided to come out with a new framework for authentication of digital payment transactions and introduce additional norms to enhance the security of the Aadhaar Enabled Payment System (AePS).
RBI Plans New Framework For Authentication Of Digital Transactions menafn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from menafn.com Daily Mail and Mail on Sunday newspapers.
It is proposed to streamline the onboarding process, including mandatory due diligence, for AePS touchpoint operators, to be followed by the banks, the Governor said.
The Monetary Policy Committee (MPC) noted that domestic economic activity is holding up well while large and repetitive food price shocks are interrupting the pace of disinflation. Overall, India appears well placed in terms of macrofinancial stability