RBI directs payment companies to monitor suspicious transactions during elections

MediaNama— In a notification, the Reserve Bank of India asked Payment System Operators to be vigilant against any transactions that might be used to influence voters or fund candidates.

ETtech.com—RBI digital payments: Track fishy transactions, RBI tells payment firms. The Reserve Bank of India has directed all regulated payment companies to track high-value or suspicious transactions during the course of general elections, according to multiple senior executives in the know.In a letter dated April 15, the RBI asked payment system operators (PSOs) to prevent any potential misuse of electronic fund transfer mechanisms to influence voters or indirectly fund poll candidates.ET has seen a copy of the letter.“The regulator wants payment companies to track...

MediaNama—RBI Extends Payment Aggregator Rules to Include Physical Point of Sale Payment Providers. bank-owned P-PA services do not require any authorization, but will also have to ensure compliance with other requirements for P-PAs.

MediaNama—RBI proposes draft directions for Electronic Trading Platforms. According to the new RBI draft guidelines an ETP authorization will be issued to organizations with atleast 3 years of financial trading infrastructure experience in India.