Paytm Payments Bank Ltd (PPBL) has launched banking services via Aadhaar cards for its customers, today, as on 24 Aug 2020.
The company has enabled banking services through Aadhar cards by integrating the Aadhaar-enabled Payment System (AePS).
So now, all Paytm Payments Bank customers can access to basic banking services such as cash withdrawal, balance enquiry and also request a mini statement through the business correspondent of any banking or financial institution in the country.
The bank is also planning to launch features like cash deposit, inter-bank fund transfer, soon.
The company said that this will be beneficial for people in rural and semi-urban areas who have limited access to the physical bank branch and ATM.
AePS is an NPCI-led model that enables an online interoperable transaction for financial integration at the POS (micro-ATM) via the business correspondent of a bank with Aadhaar authentication.
The only thing a customer has to enter for a transaction in this mode is the IIN (identification of the customer bank), the Aadhar number, and their fingerprint.
This service can also be used for disbursements of government entitlements like social security pension, NREGA, old-age/handicapped pension etc.
PPBL has partnered with over 10,000 business correspondents, who will have access to the BC App for facilitating AePS transactions.
The bank plans to add more correspondents to its network, who will soon serve customers of other banks as well.
The maximum amount is limited to ₹10,000/- per transaction.
For cash withdrawal, the monthly limit is ₹50,000 or 10 transactions.
And this AePS will be free for all PPBL customers.