CURRENT AFFAIRS

Detailed explanation-1: -The India Post Payments Bank (IPPB) has announced that it has introduced issuer charges for the Aadhaar Enabled Payment System(AePS).

Detailed explanation-2: -AePS - India Post Payments Bank.

Detailed explanation-3: -Charges for AEPS transactions UIDAI may charge a nominal fee, which may is not charging anything till now. NPCI may charge 15 paise to 25 paise for settlement. THe bank may charge upto 1% of the transaction. The minimum charges are ₹5 and the maximum could go upto₹15.

Detailed explanation-4: -Aadhaar Enabled Payment System is a payment service empowering a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, cash deposit, cash withdrawal, remittances through a Business Correspondent.

Detailed explanation-5: -The Aadhaar Enabled Payment System (AePS) is a bank-led model developed by NPCI, which allows online transactions at Micro ATM/Kiosk/mobile devices through the authorised Business Correspondent (BC) of any bank using Aadhaar authentication.