New Delhi: The Reserve Bank of India (RBI) has urged non-bank payment system operators (PSOs) to monitor high-value or suspicious transactions using electronic payment methods during the ongoing Lok Sabha (lower house) elections. The RBI has warned that these methods could be used to influence voters or fund candidates. 

PSOs are advised to report such transactions to authorities or agencies following guidelines issued by the Election Commission of India (ECI). The development comes amid concerns raised by the Election Commission of India.

On April 15, the commission said enforcement agencies had seized Rs 4,658.16 crore worth of narcotics, alcohol, cash, precious metals, and other freebies meant as inducements for voters.

The seizures, on average of Rs 100 crore per day in the past 45 days since March 1, are 34 percent more than the Rs 3,475 crore worth of seizures during the entire 2019 general election.

The Lok Sabha poll process began on April 19, with counting of votes scheduled for June 4. PSOs include card networks like Visa, Mastercard, Rupay, Razorpay, and payment apps like Paytm, BharatPe, and PhonePe.

Meanwhile, the Model Code of Conduct (MCC) - a set of norms which deal with matters including speeches, meetings, processions, election manifestos, polling and general conduct - has been imposed during the polls.

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