AEPS

AEPS stands for Aadhaar Enabled Payment System. It is a service that allows bank customers to access their Aadhaar-linked bank accounts and perform basic banking transactions through a business correspondent (BC) using Aadhaar authentication.

How does AEPS work?

• The customer provides his Aadhaar number to the BC.
• Biometric authentication (fingerprint or iris scan) is performed to verify the identity.
• Once authenticated, the customer can perform various banking transactions.

AEPS Services:

• Cash Withdrawal: Customers can withdraw cash from their bank accounts.
• Balance Inquiry: Check the balance in your bank account.
• Mini Statement: Get a mini statement of recent transactions.
• Aadhaar to Aadhaar Fund Transfer: Send money to another Aadhaar-linked bank account.
• Cash Deposit: Deposit cash into your bank account.

Benefits of AEPS:

• Financial Inclusion: Brings banking services to remote areas.
• Convenience: Customers can access banking services without visiting a bank branch.
• Security: Aadhaar-based authentication adds a layer of security.
• Interoperability: Works across different banks.