AEPS (Aadhar Enabled Payment System)
Aadhaar Enabled Payment System, a relief payment service offered by the national Payments Corporation of India to banks and financial institutions using‘Aadhaar’. Aadhaar is a very important number issued by the Unique Identification Authority of India ( UIDAI) . In banking AEPS means Empowerement where the provider allows a bank client to use Aadhaar as his/ her identity to pierce his/ her separate Aadhaar enabled checking account ( AEPS service provider bank ) and perform introductory intrabank or interbank transaction. The government has decided to bring all the unbanked sections of the society in the banking frame. Still, this isn’t geographically possible for people who live in distant and remote places. In order to give them access to banking services, the government has come up with AEPS where people can avail banking and non-banking services with the help of micro-ATMS and banking directors. All transaction can be carried out through a (BC) or a micro-ATM, except for fund...