Organisation : National Payments Corporation of India (npci.org.in)
Facility : Aadhaar Enabled Payment System
Location : Mumbai
Aadhaar Enabled Payment System : http://www.npci.org.in/aepsoverview.aspx
Website : http://www.npci.org.in/home.aspx
Aadhaar Enabled Payment System :
Background :
In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI,
Related : National Payments Corporation of India IMPS Funds Transfer Using Mobile : www.statusin.in/5181.html
Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.
The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.
AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
The four Aadhaar enabled basic types of banking transactions are as follows:-
** Balance Enquiry
** Cash Withdrawal
** Cash Deposit
** Aadhaar to Aadhaar Funds Transfer
The only inputs required for a customer to do a transaction under this scenario are:-
** IIN (Identifying the Bank to which the customer is associated)
** Aadhaar Number
** Fingerprint captured during their enrollment
Objectives :
** To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, Cash deposit, cash withdrawal, remittances that are intrabank or interbank in nature, through a Business Correspondent.
** To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
** To sub-serve the goal of RBI in electronification of retail payments.
** To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
** To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
** To facilitate inter-operability across banks in a safe and secured manner.
** To build the foundation for a full range of Aadhaar enabled Banking services.
Services Offered by AEPS :
** Balance Enquiry
** Cash Withdrawal
** Cash Deposit
** Aadhaar to Aadhaar Fund Transfer
** Gateway Authentication Services
Launch of RuPay at Dilli Annashree Scheme by Sonia Gandhi on 15th December 2012
1. What is AEPS?
AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial institutions using ‘Aadhaar’. This shall be known as ‘Aadhaar Enabled Payment System’ and may also be referred to as “AEPS”.
2. What is Aadhaar?
Aadhaar is a unique identification number issued by the Unique Identification Authority of India (UIDAI) to any resident of India.
3. Can any customer be a part of AEPS?
Any resident of India holding an Aadhaar number and having a bank account may be a part of the Aadhaar Enabled Payment System.
4. Does the customer need to have a bank account for availing AEPS?
Yes, the customer needs to have a bank account for availing AEPS.
5. Does the customer specifically need to register to conduct transactions through AEPS?
No. Customer should have an Aadhaar (Unique ID as issued by UIDAI) number linked with any bank account (bank should be a part of AEPS network) where customer has an account. The registration process shall be as per the procedures laid down by the bank providing AEPS service.
6. Is the beneficiary customer also required to register for AEPS?
No. But the beneficiary customer should also have an Aadhaar (UID) number with any bank, with which they maintain an account (bank should be a part of AEPS network) and in which he intends to receive the credit.
7. What is a Business Correspondent (BC)?
Business Correspondent (BC) is an approved Bank Agent providing basic banking service using a MicroATM (terminal) to any bank customer wishing to avail their bank BC service.
8. Can a customer link more than one account to the same Aadhaar number?
Yes. The customer can link the same Aadhaar number to more than one account subject to bank offering that feasibility. However, only one account per customer in the bank will be the primary Aadhaar linked bank account into which all respective AEPS transactions will be effected.
9. Is there any limit on the value of transactions in AEPS?
Aadhaar based accounts would be opened on the basis of simplified KYC guidelines. The bank with which you have linked your Aadhaar number would set the appropriate limit per transaction or in a given day.