Paytm Payments Bank Ltd (PPBL) has enabled banking solutions through Aadhaar by incorporating with the Aadhaar allowed Payment System (AePS).
With AePS, we are aiming to accelerate the monetary inclusion in our country and be certain that men and women in the remotest part of India can obtain complete banking services,” Paytm Payments Bank Ltd. CEO and Managing Director Satish Kumar Gupta explained.
Now Paytm Payments Bank Ltd. clients can access to basic banking services such as cash withdrawal, balance enquiry and obtain a miniature announcement through a company correspondent of any banking and financial institution in the nation, a statement said.
Additionally, features such as cash deposit and interbank fund transfer will also be made live soon that will benefit individuals in rural and semi-urban areas who have limited access to this bank branch and ATM, it added.
AePS is an NPCI-led model which enables online interoperable monetary inclusion transactions at PoS (Micro ATM) via the business correspondent of any lender employing the Aadhaar authentication.
The only input required for a client to do a trade under AePS mode are IIN (identification of the client’s charge ), Aadhaar fingerprint and number.
It’s also employed for disbursements of government entitlements like NREGA, social security retirement, disabled / old-age retirement, etc.
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Paytm Payments Bank Ltd. has also partnered with over 10,000 business correspondents, who may have access to BC App for facilitating AePS transactions, the announcement said.
The bank intends to include more correspondents to the network, who will soon serve customers of other banks too.
The maximum amount is limited to Rs 10,000 per transaction. For money withdrawal, the monthly limit is Rs 50,000 or 10 trades, whichever is reached earlier. AePS is totally free for several PPBL customers.
