Paytm Payments Bank Ltd (PPBL) has announced banking services through Aadhaar Cards

AePS has allowed online interoperable financial inclusion transaction at PoS (Micro ATM) by the business correspondent of any bank using Aadhaar.

Paytm Payments Bank Ltd (PPBL) has officially announced about the integration of Aadhaar-enabled Payment System (AePS) for balance enquiry, cash withdrawal, and mini statement. Customers are now enable to use these basic banking services by the business correspondent of any banking and financial institution in the country. Soon, features like interbank fund transfer, cash deposit, etc. will also be announced.

Talking about the initiative, Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank said:

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“We have continued with our efforts to expand the digital banking network in the country and benefit millions of our customers with innovative features and unmatched service. With AePS, we are aiming to accelerate the financial inclusion in our country and ensure that people in the remotest part of India are able to access complete banking services.”

AePS is basically an NPCI-led model, it allows online interoperable financial inclusion transaction at PoS (Micro ATM) by the business correspondent of any bank using the Aadhaar authentication. The only inputs which are required for a customer to do a transaction under AePS mode are IIN identification of the customer’s bank that is the Aadhaar number, and fingerprint.

AePS is also utilised for the disbursements of the government entitlements like NREGA, handicapped/old-age pension, social security pension, etc. AePS has seen tremendous growth in recent times.

Till, now PPBL has partnered with more than 10,000 business correspondents. These have access to BC App to facilitate AePS transactions. There is limitations of maximum amount that is Rs 10,000/- per transaction. The monthly limit for cash withdrawal is Rs 50,000 or 10 transactions, whichever is reached earlier.

For PPBL customers AePS is free. This is anticipated that it will benefit people in rural and semi-urban areas, who don’t have much access to physical bank branches and ATMs. In July, KYC facility video was launched by PPBL.

It helped customers complete their full KYC anytime between 9am and 8pm, from any place just b a video call. The convenience of video call for full KYC further will help customers safety within their homes during the ongoing global pandemic.