AEPS is a service offered by NPCI (National Payment Corporation of India) which allows online interoperable financial transactions between banks using the Aadhaar authentication. Any customer having Aadhaar enabled acccounts can perform transactions in their account through any Branch/BC.
Features and Benefits
Accounts can be opened with e-KYC (Electronic Know Your Customer).
Aadhaar enabled Payment System facilitate disbursements of Government entitlements like MGNREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar authentication.
Old Age Pension is directly disbursed at beneficiary doorstep through Banking Correspondent.
How it works?
AEPS is a payment service empowering a bank customer to use Aadhaar as his / her identity to access his / her respective Aadhaar enabled bank account to perform transactions upto .10,000/- like
Balance enquiry
Cash deposit
Cash withdrawal
Aadhaar to Aadhaar Fund Transfer through a Business Correspondent.
