On Monday, India Post Payments Bank (IPPB) announced the roll-out of Aadhaar Enabled Payment System (AePS) which makes IPPB the single largest platform in the country to provide interoperable banking services to customers of any bank.
On the event of IPPB's first anniversary, Union Minister for Communications and IT Ravi Shankar Prasad announced the launch of AePS.
Benefits of AePS:
- It allows any person with a bank account linked to Aadhaar to perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with.
- AEPS services are not restricted to any particular bank.
- It is driven by an inexpensive infrastructure enabling low-cost delivery of doorstep banking services to every section of the society without discrimination.
- With AePS Services, IPPB will have the ability to provide Interoperable Doorstep banking services to customers of any bank, including the 34 crore Jan Dhan account holders.
- "The launch of AEPS by India Post Payments Bank enhances the last mile interoperable banking infrastructure by 2.5 times. The network brings doorstep banking access to millions of underbanked customers and gives a fresh impetus to inclusion of customers facing accessibility challenges in the traditional banking ecosystem," the minister said.
- It is available through intuitive interfaces in 13 languages.
How to avail the service?
To use the AePS service, anyone with an Aadhaar-linked bank account can initiate a transaction and complete it by authenticating his/her identity with fingerprint scan and Aadhaar authentication process.
IPPB's services are available across over 136,000 post offices and delivered by over 195,000 postmen and GDSs (Grameen Dak Sevaks).