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ARTICLE · 09 MAY 2024

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FinTales Issue 36: Payment Intermediaries, Card Data And UPI

Ikigai Law
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On 15 April 2024, the RBI penned a letter to non-bank payment system operators (PSO) like payment aggregators (PAs) and e-wallet issuers. Through the letter, the RBI directed PSOs...

IndiaTechnology
Ikigai Law
Ikigai Law
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"Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese" - Chris Skinner

On 15 April 2024, the RBI penned a letter to non-bank payment system operators (PSO) like payment aggregators (PAs) and e-wallet issuers. Through the letter, the RBI directed PSOs to "track high-value and suspicious transactions. Keep an eye out for payments possibly made to fund poll candidates or influence voters. Report fishy transactions to relevant authorities". A timely instruction by the RBI before the upcoming 2024 general elections.

Interestingly, this is the first time ever that fintechs have been asked to monitor fund movement during polls. Usually, banks are given these kind of instructions. This indicates how critical fintechs have become in safekeeping and moving of public funds. The RBI has taken several measures recently to account for this. Increasing significance of PAs, for

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