Money & Banking

Trials begin on Unique ID-based financial inclusion model

Mumbai | Updated on March 03, 2011


The National Payments Corporation of India (NPCI) has kicked-off field trials of its ‘Aadhaar' (Unique Identification Number – UID) based financial inclusion transaction model in Jharkhand.

This model allows customers in rural areas to conduct banking transactions with business correspondents of any bank using UID authentication.

The initiative, called the Aadhaar Enabled Payment System (AEPS), has been mounted by NPCI in association with Unique Identification Authority of India, Institute for Development and Research in Banking Technology, Bank of India, Union Bank of India and ICICI Bank.

“Customers in rural areas will be able to conduct basic banking transactions such as balance enquiry, cash withdrawal, cash deposit, and funds transfer to another ‘Aadhaar' customer with business correspondents of any bank.

“This is akin to the convenience of going to the ATM of any bank for balance enquiry or to withdraw money,” said Mr A. P. Hota, Managing Director & CEO, NPCI.

Published on March 03, 2011

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