BANKING AFFAIRS

Detailed explanation-1: -AEPS is a bank led model which allows online interoperable financial transaction at PoS (Point of Sale / Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication. How to get it: Provide KYC (Know Your Customer) information to open a new account.

Detailed explanation-2: -AePS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication. AePS allows you to do six types of transactions.

Detailed explanation-3: -Aadhaar Enabled Payment System (AePS) is a bank led model which allows online interoperable financial transactions in accounts including accounts of beneficiaries of Direct Benefit Transfer (DBT), through business correspondents (BCs), using Aadhaar-based biometric authentication.

Detailed explanation-4: -AEPS, expanded as Aadhaar Enabled Payment System, is defined as a type of payment method. The service is being offered by the National Payments Corporation of India (NPCI). What is Aadhaar? Aadhaar is an unique number that is assigned to residents of India by the Unique Identification Authority of India (UIDAI).

Detailed explanation-5: -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.