GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Aadhaar-enabled Payment Service
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Aadhaar-enabled promotion scheme
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Aadhaar-enabled Payment system
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Automated engineered payment service
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Detailed explanation-1: -Aadhaar Enabled Payment System (AEPS) is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication.
Detailed explanation-2: -Features of AePS The mechanism enables an Aadhaar card holder to perform basic banking transactions such as cash deposit, intrabank to interbank fund transfer, cash withdrawal, balance inquiry, and obtaining a mini bank statement via banking correspondent.
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.