If we were to highlight issues in the payments industry, Aadhaar-enabled payment systems (“AePS”) would certainly feature on that list. While Aadhaar has revolutionized identity verification and enabled financial inclusion en-masse, it has also led to several forms of financial
In furtherance of its ongoing efforts to enhance financial inclusion, the Reserve Bank of India (RBI) has revisited and updated the Domestic Money Transfer (“DMT”) framework. Originally introduced in 2011 under Circular DPSS. PD. CO. No. 622/02.27.019/ 2011-2012 dated October
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