Paytm Payments Bank Ltd (PPBL) has enabled banking services through Aadhaar Card by integrating Aadhaar enabled Payment System (AePS). PPBL’s customers can now access to basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through the business correspondent of any banking and financial institution in the country, said a statement from the company.
Soon, features like cash deposit, interbank fund transfer, etc. will also be made live. This will benefit people in rural and semi-urban areas who have limited access to the physical bank branch and ATM. AePS is an NPCI-led model which allows online interoperable financial inclusion transaction at PoS (Micro ATM) through the Business correspondent of any bank using the Aadhaar authentication.
The only inputs required for a customer to do a transaction under AePS mode are IIN (identification of the customer’s bank), Aadhaar number and fingerprint. It is also used for disbursements of Government entitlements like NREGA, social security pension, handicapped/ old-age pension, etc. AePS has seen tremendous growth in recent times.
PPBL has also partnered with over 10,000 business correspondents, who will have access to BC App for facilitating AePS transactions. The bank plans to add more correspondents to its network, who will soon serve customers of other banks also. The maximum amount is limited to Rs. 10,000/- per transaction. For cash withdrawal, the monthly limit is Rs. 50,000 or 10 transactions, whichever is reached earlier. AePS is absolutely free for all PPBL customers.
Satish Kumar Gupta, CEO and managing director, Paytm Payments Bank said: “We have continued with our efforts to expand the digital banking network in the country and benefit millions of our customers with innovative features & 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.”