RBI advises non-bank payment system operators to monitor suspicious transactions during polls
Fintech firms have been urged to promptly report such transactions to the relevant authorities or agencies in accordance with the guidelines provided by the poll panels.
The Reserve Bank of India (RBI) has reportedly advised non-bank payment system operators (PSOs) to monitor high-value and suspicious transactions during the Lok Sabha elections.
Fintech firms have been urged to promptly report such transactions to the relevant authorities or agencies in accordance with the guidelines provided by the poll panels, according to a report by Moneycontrol.
PSOs, comprising payment gateways (such as Razorpay, Cashfree, Mswipe, Infibeam, and PayU), aggregators, payment apps (Paytm, BharatPe, MobiKwik, Google Pay, and PhonePe), and card networks (Visa, Mastercard, and Rupay), serve as intermediaries facilitating, processing, and settling payments between buyers and sellers in online transactions.
Different electronic payment methods could be utilised to sway voters or finance election candidates in the elections, the RBI said in a letter to non-bank PSOs, according to the report. The Election Commission of India (ECI) has expressed concern and recommended taking necessary actions accordingly, it added.
An ECI diktat requires banks to share daily reports on suspicious transactions through the entire election season, from April 19 to June 1.
Edited by Swetha Kannan
