AEPS is a system that leverages Aadhaar online authentication and enables AEBAs to be operated in anytime-anywhere banking mode by the marginalized d financially excluded segments of society through microATMs. What is the meaning of E in AEPS?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

AEPS is a system that leverages Aadhaar online authentication and enables AEBAs to be operated in anytime-anywhere banking mode by the marginalized d financially excluded segments of society through microATMs. What is the meaning of “E” in AEPS?

A	Equity
B	Essential
C	Electronic
D	Enabled

Explanation:

Detailed explanation-1: -The correct answer is 1 only. Aadhaar Enabled Payments: Aadhaar Payment Bridge (APB): A payment can be made to a person’s bank account via his/her Aadhaar number, provided it is linked to his/her Aadhaar number. Hence, Statement 1 is correct.

Detailed explanation-2: -A. Aadhaar Enabled Payment System (AEPS) is a payment service that allows a bank customer to use Aadhaar as his/her identity to access his/her Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash withdrawal, remittances through a Business Correspondent.

Detailed explanation-3: -Aadhaar enabled payment system or the AePS is a bank-led payment model that allows all Aadhaar card holders to make monetary transactions at micro automated teller machines (ATMs)or point of sale (POS) using a unique identification number (UID).

Detailed explanation-4: -The India Post Payments Bank (IPPB) has increased charges for the Aadhaar Enabled Payment System (AePS) service. The revised AePS Issuer transaction charges will be effective from December 1, 2022.

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