Paytm Payments Bank enables banking services through Aadhaar cards

Patanjali-Acquired Ruchi Soya’s 8,764% Stock Surge Spurs SEBI Rethink
October 24, 2020
S.P. Cargo Agency (P) Ltd.
October 24, 2020

Paytm Payments Bank Ltd (PPBL) said it has enabled banking services through Aadhaar by integrating with the Aadhaar enabled Payment System (AePS).

PPBL’s customers can access to basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through a business correspondent of any banking and financial institution in the country, a statement said.

Features like cash deposit and interbank fund transfer will also be made live soon that will benefit people in rural and semi-urban areas who have limited access to the physical bank branch and ATM, it added.

AePS is an NPCI-led model which allows online interoperable financial inclusion transactions at PoS (Micro ATM) through the business correspondent of any bank using the Aadhaar authentication.

The only inputs required for a customer to do a transaction under AePS mode are IIN (identification of the customer’s bank), Aadhaar number and fingerprint.

It is also used for disbursements of government entitlements like NREGA, social security pension, handicapped/ old-age pension, etc.

PPBL has also partnered with over 10,000 business correspondents, who will have access to BC App for facilitating AePS transactions, the statement said.

The bank plans to add more correspondents to its network, who will soon serve customers of other banks also.

The maximum amount is limited to Rs 10,000 per transaction. For cash withdrawal, the monthly limit is Rs 50,000 or 10 transactions, whichever is reached earlier. AePS is free for all PPBL customers.

“With AePS, we are aiming to accelerate the financial inclusion in our country and ensure that people in the remotest part of India are able to access complete banking services,” PPBL CEO and Managing Director Satish Kumar Gupta said.

Also Paytm founder Vijay Shekhar Sharma said that the government’s ban on 59 Chinese apps was a bold move, which was in the national interest.Paytm, run by One97 Communications, counts China’s Alibaba and Ant Financial as major investors.”Bold step in the national interest. A step towards Atmanirbhar (self-reliant) App ecosystem. Time for the best Indian entrepreneurs to come forward and build the best by Indians, for Indians,” he tweeted.Alibaba and its affiliate entities own over 25 percent in One97 Communications, including Paytm Mall, Paytm Money and its other units

Leave a Reply

Your email address will not be published. Required fields are marked *