Consider the following statements regarding the new RBI guidelines on Aadhaar Enabled Payment System (AeP

• 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.