BANKING AFFAIRS

Detailed explanation-1: -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-2: -Customers can use the AePS system to access their Aadhaar-linked bank accounts to perform tasks including cash deposits, cash withdrawals, intrabank or interbank fund transfers, balance inquiries, and getting a mini statement.

Detailed explanation-3: -Aadhaar Enabled Payment System (AEPS): AEPS is the platform in which a person can do basic banking transactions including withdrawal, deposit cash, fund transfer, etc., from his/her bank account at Micro-ATMs using biometric authentication. Hence, Statement 2 is NOT correct.

Detailed explanation-4: -Transfer Limit for Aadhaar Enabled Payment System (AePS) As of now, AePS haven’t set any limit for making transactions. Nevertheless, some banks have set daily transfer limits up to ₹ 50, 000 to avoid misemploying.