Banks have been directed by RBI to share everyday reports to the poll panel by the Chief Election Commissioner
Amid the Lok Sabha 2024 elections, the Reserve Bank of India (RBI) has instructed all payment companies to carefully monitor high-value transactions that may come across their system.
Expressing concern regarding this matter, the Election Commission of India (ECI) has suggested taking appropriate action, including the reporting of any suspicious transactions to the authorities as per ECI regulations. This applies throughout the duration of the polling process in the country.
The RBI in a letter instructed payment system operators to take measures for the prevention of any kind of misuse of electronic fund transfer mechanism. The main intention of the letter is to avoid the misuse of the electronic fund transfer mechanism which could influence voters or indirectly fund candidates who are taking part in the elections.
The directive includes fintech companies like Razorpay, Cashfree, CCAvenue, and Mswipe which are all regulated payment aggregators. It also applies to mobile wallet license holders such as PhonePe and MobiKwik.
Banks have been directed to share everyday reports to the poll panel by the Chief Election Commissioner (CEC), Rajiv Kumar if there are any suspicious transactions through the election phase.
NPCI will look at whether there are more demands for payments through wallets. We will be looking at all wallet transactions. Banks will be sending almost daily reports of suspicious transactions. This is part of the steps from the poll body to curb the impact of money power and ensure fair elections.
For all the latest updates, download PGurus App.
