What will be the role of Adhaar-enabled payment systems?
The Adhaar-enabled payment systems (AEPS) developed by NPCL is a bank-led model that facilitates financial inclusion by allowing transactions at Point of Sale or PoS (the micro ATM) through the business correspondent (BC) using the Aadhaar authentication number. The AEPS will now allow costumers to avail of banking facilities through banking correspondents across banks.
What types of banking transactions are facilitated through AEPS?
The four Aadhaar-enabled basic types of banking transactions are balance enquiry, cash withdrawal, cash deposit and Aadhaar to Aadhaar funds transfer Now all that a customer needs for availing of the AEPS services are an individual identification number (identifying the bank to which the customer is associated), an Aadhaar number and fingerprints captured during his/her enrolment.
What objectives does AEPS serve?
The objective is to empower a bank customer to use Aadhaar to access his/her Aadhaar-enabled bank account and perform basic banking transactions that are intra-bank or interbank in nature through a business correspondent. It serves another important goal of RBI in electronification of retail payments. It would enable banks to route the Aadhaar-initiated interbank transactions through a central switching and clearing agency. It would facilitate disbursements of government entitlements like NREGA, social security pension, handicapped old age pension, etc, of any central or state government bodies, using Aadhaar and authentication thereof as supported by UIDAI. Another important goal AEPS serves is to facilitate inter-operability across banks in a safe and secured manner.
What is the status of the implementation of AEPS?
The pilot project is being run in districts of Jharkhand (where the first unique identity, or UID, numbers have been issued) in association with three banks, ICICI Bank , Union Bank of
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