Lok Sabha Elections: RBI asks payment firms to report suspicious fund transfers

The Reserve Bank of India has mandated non-bank payment system operators to monitor and report high-value or suspicious transactions during the Lok Sabha elections, aiming to prevent misuse of funds intended to influence voters.

RBI

The Reserve Bank of India (RBI) has asked non-bank payment system operators (PSOs), to track high-value or suspicious transactions through electronic modes of payment during the ongoing Lok Sabha elections to prevent any misuse of funds to influence voters.

The RBI’s letter, dated April 15, states that the “various electronic modes of payment have the potential to be used for the transfer of money to influence voters or to fund the candidates participating in the elections.”