The Aadhaar-Enabled Payment Systems (AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar authentication number. Aadhaar enabled basic types of banking do not include

BANKING GENERAL KNOWLEDGE

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

A	Balance Enquiry
B	Cash Withdrawal
C	Online Payment
D	Cash Deposit

Explanation:

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.

Detailed explanation-2: -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-3: -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-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.

Detailed explanation-5: -There is no set limit for transactions made through AEPS. However, certain banks have capped the transaction limit to avoid misuse of this system. Various banks have set a daily limit of ₹50, 000 on total transactions.

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