Monday, August 15, 2022

Aadhaar: What is Aadhaar Enabled Payment System, know all the information from benefits to

Aadhaar Enabled Payment System: Aadhaar Enabled Payment System (AEPS) is a bank-based model in which online financial transactions are carried out in accounts through business correspondence using Aadhaar based biometric authentication. These also include accounts of beneficiaries of Direct Benefit Transfer (DBT).

Aadhaar Enabled Payment System: Today’s era is the era of digital. Keeping money in your pocket is also becoming a thing of the past. What about cash, digital payments are growing so fast that even ‘modern’ payment options like credit and debit are slowly becoming obsolete as time goes on. In digital payments, the government is now promoting Aadhaar Enabled Payment System AEPS. It is often used by the beneficiaries of subsidies of government schemes.

What is AEPS?

Aadhaar Enabled Payment System (AEPS) is a bank-based model in which online financial transactions are done in accounts through business correspondence using Aadhaar based biometric authentication. These also include accounts of beneficiaries of Direct Benefit Transfer (DBT).

Deposit money once in this special scheme of SBI will get shed every month with interest

In this bank, customers can avail of basic banking transactions like cash deposit, cash withdrawal, intrabank and inter bank cash transfer, balance inquiry, and mini statement through business correspondence on their Aadhaar linked bank account.

What issues are affecting this system?

There are complaints about transaction failure in this payment system. Thereafter, the government has taken several steps to reduce the number of transaction failures.

How to check failed transactions?

National Payments Corporation of India (NCPI) has a 24*7 technical support system with a networked team. These people help the banks in case of transaction failure and keep an eye on such cases. NPCI takes up the issue with the bank management in case of transactions above Rs 1 lakh in a day.

Read More: No one is abusing your Aadhar card; you may check this in 2 minutes from the comfort of your own home.

A technical task force has been created for all online products to help banks in minimizing transaction failures. In addition, the government also conducts periodic reviews to prevent the failure of AEPS transactions.

RBI also intervened

RBI said that in order to strengthen the business correspondence ecosystem, it has laid down a roadmap for the Indian Banks’ Association (IBA) to create a business correspondence registry portal. Banks have the option to blacklist the business correspondence on the portal if any fraud or otherwise occurs. This information has been made available to all stakeholders. The details of all business correspondence that has been blocked or blacklisted are included by NPCI and circulated to all member banks from time to time for the benefit of the business correspondence ecosystem.

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Aadhaar: What is Aadhaar Enabled Payment System, know all the information from benefits to

Aadhaar Enabled Payment System: Aadhaar Enabled Payment System (AEPS) is a bank-based model in which online financial transactions are carried out in accounts through business correspondence using Aadhaar based biometric authentication. These also include accounts of beneficiaries of Direct Benefit Transfer (DBT).

Aadhaar Enabled Payment System: Today’s era is the era of digital. Keeping money in your pocket is also becoming a thing of the past. What about cash, digital payments are growing so fast that even ‘modern’ payment options like credit and debit are slowly becoming obsolete as time goes on. In digital payments, the government is now promoting Aadhaar Enabled Payment System AEPS. It is often used by the beneficiaries of subsidies of government schemes.

What is AEPS?

Aadhaar Enabled Payment System (AEPS) is a bank-based model in which online financial transactions are done in accounts through business correspondence using Aadhaar based biometric authentication. These also include accounts of beneficiaries of Direct Benefit Transfer (DBT).

Deposit money once in this special scheme of SBI will get shed every month with interest

In this bank, customers can avail of basic banking transactions like cash deposit, cash withdrawal, intrabank and inter bank cash transfer, balance inquiry, and mini statement through business correspondence on their Aadhaar linked bank account.

What issues are affecting this system?

There are complaints about transaction failure in this payment system. Thereafter, the government has taken several steps to reduce the number of transaction failures.

How to check failed transactions?

National Payments Corporation of India (NCPI) has a 24*7 technical support system with a networked team. These people help the banks in case of transaction failure and keep an eye on such cases. NPCI takes up the issue with the bank management in case of transactions above Rs 1 lakh in a day.

Read More: No one is abusing your Aadhar card; you may check this in 2 minutes from the comfort of your own home.

A technical task force has been created for all online products to help banks in minimizing transaction failures. In addition, the government also conducts periodic reviews to prevent the failure of AEPS transactions.

RBI also intervened

RBI said that in order to strengthen the business correspondence ecosystem, it has laid down a roadmap for the Indian Banks’ Association (IBA) to create a business correspondence registry portal. Banks have the option to blacklist the business correspondence on the portal if any fraud or otherwise occurs. This information has been made available to all stakeholders. The details of all business correspondence that has been blocked or blacklisted are included by NPCI and circulated to all member banks from time to time for the benefit of the business correspondence ecosystem.

🔥🔥 Join Our Group For All Information And Update, Also Follow me For Latest Information🔥🔥
🔥 YouTube                  Click Here
🔥 Facebook Page                  Click Here
🔥 Instagram                  Click Here
🔥 Telegram Channel                   Click Here
🔥 Google News                  Click Here
🔥 Twitter                  Click Here
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Most Popular

spot_img

Latest

The hassle of going to the Aadhaar card center is over! FaceRD app launched, this work will be done sitting at home

Aadhaar card holders can now verify their identity through face authentication. An app has been launched for this. The company has named it Aadhaar...

Update on Aadhaar: Fraud will be reduced! Now that Aadhaar will contain information from birth to death, be aware of UIDAI’s new strategy.

Update on Aadhaar: For holders of Aadhar cards, there is employment news. Aadhar cards can no longer be faked. According to UIDAI's new proposal,...

Centre withdraws UIDAI warning citing misinterpretation

Faced with backlash over a warning issued by the Unique Identification Authority of India (UIDAI) asking people to avoid sharing photocopies of Aadhaar cards...

Ration Card Update: Big news for those with ration cards, hurry up, otherwise you will not get ration

Ration Card-Aadhaar Link: The date for linking the ration card with Aadhaar has been extended from March 31 to June 30, 2022. If you...

Changes in Banking Rules: Beginning May 26, PAN or Aadhaar information will be required for cash transactions over Rs 20 lakh.

The government has enacted new regulations governing money transactions at banks and post offices. PAN and Aadhaar would be required for deposits of Rs...

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