New Delhi: In recent years, the Aadhaar has become one of the most important documents in the country. In India, the Aadhaar is used for a host of services. For example, the Aadhaar card acts as proof of identity, proof of address, and proof of age when applying for any government service or for some other work.
The full form of AEPS is the Aadhaar Enabled Payment System. It is a payment service which enables a bank customer to use Aadhaar as his/her identity to access the Aadhaar-enabled bank account and do basic banking transactions like cash withdrawal, balance enquiry and remittances through a business correspondent.
Services available under AEPS
The services which are available under AePS are cash withdrawal, balance enquiry, mini statement and Aadhaar to Aadhaar fund transfer. The only inputs that the customers have to enter for this work are Bank name, Aadhaar Number and Biometrics captured during enrolment. Those who want to participate in AEPS should have an Aadhaar linked to his/her bank account and the transaction can be completed only by using his/her biometric authentication.
What are the objectives of the AEPS?
- The AEPS aims to empower a bank customer to use Aadhaar as his/her identity to access a bank account linked with Aadhar.
- Also, it aims to enable the customers to perform basic banking transactions like cash withdrawals, cash deposits, and fund transfers between banks, get updates on the balance and get a mini statement.
- The AEPS serves the goal of the Indian government and the Reserve Bank of India in furthering Financial Inclusion. Also, it is furthering RBI’s electronification of retail payments.
- Also, it helps the disbursements of the benefits of government like Social Security pension, NREGA, Handicapped Old Age Pension etc. using Aadhaar and authentication thereof as supported by UIDAI.
- It enables the safe facilitation of inter-operability across banks and builds the foundation for a full range of banking services enabled by Aadhaar.
