AEPS 101

If you reside in a region where a lender or ATM services aren't accessible, then as a bank client, what can you would like to draw cash? Walk miles to achieve your own bank for availing an agency?

This problem of not being readily able to get banking services was solved using the Aadhaar-enabled Payment System (AePS). It's crossed the landmark of over 200 million trades during July this year. A total of 6.65 crore Indian taxpayers availed banking services via AePS stage in July, based on an NPCI release.

What's AePS

AePS is a payment system utilizing Particular Identification Number (UID). It enables Aadhaar cardholders to create monetary transactions through Aadhaar-based authentication.

This system eases disbursement of government entitlements such as NREGA, social security pension, Handicapped old age retirement etc., of any Central or State government figures, utilizing Aadhaar and authentication as encouraged by Particular Identification Authority of India (UIDAI).

Beneath the AePS, you will find just two kinds of payment methods: credit money to the beneficiary's accounts; allow account holders to withdraw money.

How to utilize AePS

Connect your bank accounts along with your Aadhaar number. Speak to your lender and let them know you wish to get started utilizing AEPS
To withdraw or deposit money, for example, strategy a business correspondent or lender broker using a UID amount.
Business Correspondents are lender agents. They have sometimes retired bank personnel, post offices, Non-Governmental Organizations, self-service groups, retired teachers and retired government workers, individual owners of health store or Kirana store, co-operative culture, and businesses registered under Companies Act 1956 , excluding Non-Banking Financial Companies (NBFCs)
They're participated by banks for supplying banking services in locations apart from a bank branch / ATM. They enable a lender to supply its restricted assortment of banking solutions at a reduced price. They take a mobile apparatus and assist villagers in banking trades
as soon This is done by entering the client's UID number, fingerprints and quantity in the micro-ATM. As you approach the business correspondent or broker, he / she will offer basic banking service utilizing a Micro ATM.

Why You Need to use AePS

AePS allows a lender to utilize Aadhaar as individuality to get respective Aadhaar-enabled bank accounts and execute basic banking transactions such as cash withdrawal, intrabank or interbank fund transfer and equilibrium enquiry.
To facilitate disbursements of government entitlements such as NREGA, social security retirement, disabled old-age retirement, etc., of any Central or State Government bodies, utilizing Aadhaar and authentication as encouraged by UIDAI.
Everything you want for AePS

IIN (Identifying the Bank to that the client is associated). It is a six-digit number that helps in the identification procedure of your lender.
Aadhaar Number--It's a 12-digit special identification number issued from the Exceptional Identification Authority of India (UIDAI)
Fingerprint seized during their registration
Services provided

Money withdrawal
Money deposit
Balance enquiry
Aadhaar into Aadhaar fund move
Mini announcement
Greatest finger detection
How to utilize AePS

Measure 1: Visit some micro ATM or banking correspondent

Measure 2: Supply Aadhaar number and bank account

Measure 3: Pick the Kind of trade you want to create

Measure 4: Supply verification through fingerprint/iris scan

Measure 5: Gather your reception

Benefits of utilizing AePS

Simple to use, secure and safe payment system to avail benefits using Aadhaar amount and biometrics
Depending on the market and biometric/iris data of a Person, it eliminates the danger of any fraud and non-genuine action.
Facilitate disbursements of Authorities entitlements such as NREGA, Social Security pension, Handicapped Old Age Pension etc. ) of any Central or State Government bodies utilizing Aadhaar
Authentication
Facilitates inter-operability across banks in a protected and guaranteed way
The version allows banks to expand financial services to the unreached customers beyond their branch network as beneficiaries of their BCs are largely found at unbanked and underbanked regions.
During AEPS, all bank account holders will have the ability to get their bank account through Aadhaar authentication.