Question
Consider the following statements regarding the new RBI
guidelines on Aadhaar Enabled Payment System (AePS), effective from January 1, 2026: 1. Each AePS operator will be permitted to work with multiple acquiring banks to promote wider financial inclusion. 2. KYC-based due diligence is mandatory for onboarding Business Correspondents (BCs) and Bank Mitras. 3. Reactivation of inactive AePS operators (for more than six months) will require fresh KYC verification. Which of the above statements is/are correct?Solution
• Statement 1 is incorrect – As per the new RBI guidelines, each AePS operator will be allowed to work with only one acquiring bank to improve accountability and reduce fraud. Hence, multiple banks are not allowed. • Statement 2 is correct – RBI has mandated stringent KYC-based due diligence of touchpoint operators such as Business Correspondents (BCs) and Bank Mitras during onboarding. • Statement 3 is correct – If an AePS operator remains inactive for more than six months, KYC re-verification will be required before reactivation. Additional Context: • Guidelines come into effect from January 1, 2026. • RBI aims to curb fraud and identity theft in rural and semi-urban areas where AePS is widely used. • Banks must also monitor operator transactions, set limits based on risk profile, and ensure operations happen only from registered locations. • Compliance must align with NPCI’s operational rules under the Payment and Settlement Systems Act, 2007.
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