A web based solution to facilitate interbank, high volume, electronic transactions which are repetitive and periodic in nature. NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc. and also for bulk transactions towards collection of payments pertaining to telephone, electricity, water, loans, investments in mutual funds, insurance premium etc.

APB System has been successfully channelizing the Government subsidies and benefits to the intended beneficiaries using the Aadhaar numbers. The APB System links the Government Departments and their sponsor banks on one side and beneficiary banks and beneficiary on the other hand.

NPCI has ten promoter banks namely, State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.

National Financial Switch (NFS) was developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking for the common man. It is run by the National Payments Corporation of India (NPCI).

The Aadhar Enabled Payment System (AEPS) offers four basic types of banking transactions. They are

♦ Balance Enquiry
♦ Cash Withdrawal
♦ Cash Deposit
♦ Aadhaar to Aadhaar Funds Transfer

Following inputs are required to do a transaction with the help of Aadhar Enabled Payment System (AEPS). They are

♦ IIN (Identifying the Bank to which the customer is associated)
♦ Aadhaar Number
♦ Fingerprint captured during their enrolment

Mobile Money Identifier (MMID) is a 7 digit number issued by a bank against an account linked to a mobile number. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive money) should have this MMID for doing interbank funds transfer through Immediate Payment Service(IMPS).

Aadhaar Payment Bridge (APB) system capable to handle 10 million transactions per day. It also supports multiple intra day sessions.

First RuPay ATM & Micro ATM Card with Aadhaar Number – Bank of India Dhan Aadhaar Card

Bank of India Dhan Aadhaar Card – Features

♦ Debit card issued on RuPay platform with the UID number given by Government of India
♦ Biometric Authentication through UIDAI for micro ATM and pin based authentication on ATMs.
♦ It is having the Card Holders Photo
♦ Maximum limit of cash withdrawn is Rs.25,000 per day in ATM
♦ Maximum amount that can be withdrawn per day is Rs.25,000 in POS

Services Offered by Aadhaar Enabled Payment System (AEPS)

♦ Balance Enquiry
♦ Cash Withdrawal
♦ Cash Deposit
♦ Aadhaar to Aadhaar Fund Transfer
♦ Gateway Authentication Services