The financial transformation that the nation is going through will ensure that curbing of black money and strengthening the economy in the years to come. The government of India has been trying its level best in imposing restrictions on unaccounted transactions and has been taking frequent steps in implementing certain measures that can help in decreasing the flow of black money in the economy. One such remarkable step taken by the government is designing and implementation of the AEPS Aadhar Enabled Payment System. Aadhar Enabled Payment System is a system through which a bank customer can authenticate his transactions by using his Aadhar card as his identity. Apart from using aadhar card for transactions like transfers, he/ she can also use use it for authentication while balance enquiry, cash deposits and withdrawals.
AEPS Aadhar Enabled Payment System
AEPS – Aadhar Enabled Payment System has been implemented by the Government of India for the fulfilment of the following objectives:
To accomplish the goal of GoI and RBI regarding Financial Inclusion of a big portion of the population.
To let the banks to route the financial transactions which are authenticated by aadhar card through the clearing agency.
To step towards making Aadhar core of banking services.
To motivate the retailers to opt of electronic payments so as to keep a track of transactions.
AEPS – Aadhar Enabled Payment System lets the accounts linked with Aadhar number to be operated in any way and anytime through use of Micro ATMs. Such a system has been implemented to increase the transparency and authenticate the financial operations conducted by the customer for the following services:
Balance enquiry by the customer,
Fund transfer using Aadhar,
It is to be noted that such services can be executed by the customer in both inter-bank and intra-bank transactions. Such unique move by the government might let people to doubt about the effectivness of the system but following are the benefits that people will get after the implementation of the system:
Aadhar Enabled Payment System (AEPS) will ensure unhindered inter-operability among banks.
No chances pf commitment of any sort f frauds as AEPS is based on biometric of the customer.
This model will let the government and banks to extend their reach to the remotest of the places across the country.
There are several banks who have implemented this system and many more are to join this campaign. The list of the banks that have implemented this system is mentioned below:
Central Bank of India,
State Bank of India,
Indian Overseas Bank,
Union Bank of India, etc.
You must also adopt this system and should contribute in the progress of the nation. If you haven’t tried transacting throuh this system then make sue that first f all you possess a UID not. If you do then get your aadhar linked to your bank account and then avail the benefits of Aadhar Enabled Payment System.