Paytm Payments Bank has enabled banking services through Aadhar cards
Aadhaar-enabled Payment System for cash withdrawal, balance enquiry and mini statement has been integrated into Paytm Payments Bank with the aim to provide easy banking access in rural and semi-urban areas.
Paytm Payments Bank Ltd (PPBL) has enabled banking services through Aadhar cards by integrating the Aadhaar-enabled Payment System (AePS). Now, all Paytm Payments Bank customers can access to basic banking services such as cash withdrawal, balance enquiry and also obtain a mini statement through the business correspondent of any banking or financial institution in the country.
More features like cash deposit, interbank transfer etc will be made live soon.
The main aim of this integration is to help people in rural and semi-urban areas get better access to banking services without having to physically go to a bank or an 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 Aadhaar authentication. The only thing a customer needs to feed in for a transaction under this mode is the IIN (identification of the customer bank), Aadhar number and their fingerprint.
This service can also be used for disbursements of government entitlements like social security pension, NREGA, old-age/handicapped pension etc.
PPBL has partnered with over 10,000 business correspondents, who will have access to the BC App for facilitating AePS transactions. The bank plans to add more correspondents to its network, who will soon serve customers of other banks as well. The maximum amount is limited to ₹10,000/- per transaction. For cash withdrawal, the monthly limit is ₹50,000 or 10 transactions.
This AePS is free for all PPBL customers.
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