.........The Reserve Bank of India (RBI) does this as well in a limited way, so the principle is understood here—this model of letting non-banks lead is not quite anathema to RBI. So what holds RBI back from wholeheartedly accepting non-banks in the payments system? It has to be the concern of the risk of fraud and money laundering, especially given the propensity of market players to bend rules, lax supervision of know your customer norms, etc. The recent guidelines on the risk-based approach to new products and payments services issued by the FATF makes the point that AML/CFT safeguards can end up deterring legitimate consumers from the financial system, pushing them into the informal sector that is not subject to regulatory and supervisory oversight...............
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