Paytm Payments Bank enables banking services through Aadhaar cards – Times of India

NEW DELHI: Paytm Payments Bank Ltd (PPBL) on Monday said it has enabled banking services through Aadhaar by integrating with the Aadhaar enabled Payment System (AePS).
PPBL’s customers can access to basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through a business correspondent of any banking and financial institution in the country, a statement said.
Features like cash deposit and interbank fund transfer will also be made live soon that will benefit people in rural and semi-urban areas who have limited access to the physical bank branch and ATM, it added.
AePS is an NPCI-led model which allows online interoperable financial inclusion transactions at PoS (Micro ATM) through the business correspondent of any bank using the Aadhaar authentication.
The only inputs required for a customer to do a transaction under AePS mode are IIN (identification of the customer’s bank), Aadhaar number and fingerprint.
It is also used for disbursements of government entitlements like NREGA, social security pension, handicapped/ old-age pension, etc.
PPBL has also partnered with over 10,000 business correspondents, who will have access to BC App for facilitating AePS transactions, the statement said.
The bank plans to add more correspondents to its network, who will soon serve customers of other banks also.
The maximum amount is limited to Rs 10,000 per transaction. For cash withdrawal, the monthly limit is Rs 50,000 or 10 transactions, whichever is reached earlier. AePS is free for all PPBL customers.
“With AePS, we are aiming to accelerate the financial inclusion in our country and ensure that people in the remotest part of India are able to access complete banking services,” PPBL CEO and Managing Director Satish Kumar Gupta said.