APB is a repository of Aadhaar number of residents and their primary bank account number used for receiving all social security and entitlement payments from various government agencies. What is the meaning of B in APB?

BANKING GENERAL KNOWLEDGE

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

APB is a repository of Aadhaar number of residents and their primary bank account number used for receiving all social security and entitlement payments from various government agencies. What is the meaning of “B” in APB?

A	Base
B	Bridge
C	Bond
D	Banking

Explanation:

Detailed explanation-1: -Persons eligible under social welfare schemes sponsored by the government can avail of the benefits and subsidies. Such individuals must ensure that their Aadhaar number is linked to their bank accounts to receive the benefits under the APB system.

Detailed explanation-2: -Aadhaar Payments Bridge System (APBS) is used for crediting DBT transactions for Government/ Government agency disbursements. DBT aims to transfer subsidies directly to the people through their bank accounts.

Detailed explanation-3: -Aadhaar Payment Bridge System(APBS) is a component of NACH, one of the unique payment systems implemented by NPCI, which uses Aadhaar number as a central key for electronic crediting of government benefits and subsidies in the Aadhaar Enabled Bank Accounts (AEBA) of the intended beneficiaries.

Detailed explanation-4: -Customers can check the Aadhaar number mapping status in NPCI mapper by dialling *99*99# on any GSM mobile. Additionally, LPG consumers can also check the Aadhaar number mapping status by visiting the transparency portal of the respective OMCs (Oil Marketing Companies) website.

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