We are happy to share that we have enabled banking services through Aadhaar by integrating Aadhaar enabled Payment System (AePS). You can now access basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through the business correspondent of any AePS enabled banking & financial institution in the country including 10,000 PPBL banking points.
What is AePS?
To understand in simple terms, AePS is an NPCI-led model that enables a customer to carry out basic banking transactions at a PoS (Micro-ATM) through the business correspondent of AePS enabled any bank using the Aadhaar number & biometric authentication. The only inputs required for a customer to do a transaction under AePS mode are Bank(IIN), Aadhaar number and fingerprint.
What are the benefits?
- Accessible Banking: Banking is now closer and can be accessed at the nearest business correspondent centre, irrespective of the bank
- Banking Points: PPBL has partnered with over 10,000 business correspondents to offer banking services
- Financial Inclusion: Providing easy access to banking even in rural & semi-urban areas
What services can you perform via AePS?
- Cash Withdrawal
- Balance Inquiry
- Mini Statement
- Cash Deposit*
- Interbank fund transfer*
What do you need to use AePS services?
- Aadhaar Number/ VID (Virtual ID)
- Fingerprint/ Iris
- Bank (IIN)
How it Works?
Important points to remember in AePS:
- No OTP or PIN should be shared with the business correspondent
- Ensure your Paytm Payments Bank account is linked to your Aadhar card
- Maximum amount per transaction: Rs. 10,000/-
- Monthly limit for withdrawal: Rs. 50,0000/- or 10 transactions
PPBL has brought millions of underserved people into the fold of formal banking system. AePS is the latest among the services that the bank has launched to make the banking experience more convenient and accessible for its customers.
Enable Direct Benefit Transfers as well. Click here.