Money & Banking

Paytm Payments Bank enables banking through Aadhaar cards

Our Bureau Mumbai | Updated on August 24, 2020

Also plans to go live with features like cash deposit, interbank fund transfer

Paytm Payments Bank has enabled banking services through Aadhaar cards by integrating Aadhaar-enabled Payment System.

“Paytm Payments Bank’s customers can now access basic banking services such as cash withdrawal, balance enquiry and obtain a mini statement through the business correspondent of any banking and financial institution in the country,” it said in a statement on Monday, adding that this will benefit people in rural and semi-urban areas who have limited access to bank branches and ATMs.

It also plans to make features like cash deposit, interbank fund transfer live soon.

“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,” said Satish Kumar Gupta, CEO and Managing Director, Paytm Payments Bank.

The lender has also partnered with over 10,000 business correspondents, who will have access to BC App for facilitating AePS transactions. It plans to add more correspondents to its network.

Published on August 24, 2020

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