NPCI links 10 crore Aadhar cards to bank account

National Financial Mapper, managed by National Payments Corporation of India (NPCI), has managed to link over 10 crore Aadhar cards to bank accounts.

“NPCI has grown to over 10 crore unique entries, thereby allowing the Government department/agencies to reach out to these scheme beneficiaries using the Aadhaar number as the financial address,” NPCI said in a statement.

Aadhaar Payment Bridge (APB) system went live on January 2013.

The APB platform of NPCI links the Government departments and other State agencies like oil marketing companies and their sponsor banks on one side and the beneficiary banks & the end beneficiary on the other side.

“This payment service allows money to be directly credited in the bank account of the beneficiary once the account is seeded with the Aadhaar number. The use of National Financial Mapper also simplifies the processing end-to-end as Aadhaar number acts as the common identifier across government departments, banking industry and the beneficiary, thus bringing about de-duplication of the beneficiary and efficiency enhancements in subsidy management,” the statement added.

APB system has proved beyond doubt that Aadhaar number can also act as the global financial address for making payments by using a single variable (Aadhaar number is akin to reaching a person through his/her mobile phone).

“Ten crore plus Aadhar numbers linked to bank accounts through NPCI’s Aadhar Mapper is a major milestone in building infrastructure for electronic benefit transfer. APB system allows NPCI to reach out to the financially excluded segment of the country within its overall ambit of creating simplicity and innovation of all retail payment systems in the country,” said A P Hota, MD & CEO, NPCI.

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