www.npci.org.in National Payments Corporation of India : Aadhaar Enabled Payment System

[ijt.jency]

Name of the Organisation : National Payments Corporation of India (npci.org.in)
Type of Facility : Aadhaar Enabled Payment System
Location : Mumbai

Website : http://www.npci.org.in/home.aspx
AEPS : http://www.npci.org.in/AEPSOverview.aspx

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Aadhaar Enabled Payment System :
Short title of the Service:
The new payment service offered by the National Payments Corporation of India to banks, financial institutions using ‘Aadhaar’, the Unique Identification Authority of India (UIDAI) issued unique identification number shall be known as ‘Aadhaar Enabled Payment System’ and shall be referred to as “AEPS” hereinafter

Background :
In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.

The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.

AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.

The four Aadhaar enabled basic types of banking transactions are as follows:
** Balance Enquiry
** Cash Withdrawal
** Cash Deposit
** Aadhaar to Aadhaar Funds Transfer

The only inputs required for a customer to do a transaction under this scenario are:
** IIN (Identifying the Bank to which the customer is associated)
** Aadhaar Number
** Fingerprint captured during their enrollment

Objectives :
** To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, Cash deposit, cash withdrawal, remittances that are intrabank or interbank in nature, through a Business Correspondent.
** To sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
** To sub-serve the goal of RBI in electronification of retail payments.
** To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency.
** To facilitate disbursements of Government entitlements like NREGA, Social Security pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, using Aadhaar and authentication thereof as supported by UIDAI.
** To facilitate inter-operability across banks in a safe and secured manner.
** To build the foundation for a full range of Aadhaar enabled Banking services.

Services Offered by AEPS :
** Balance Enquiry
** Cash Withdrawal
** Cash Deposit
** Aadhaar to Aadhaar Fund Transfer
** Gateway Authentication Services

Aadhaar Enabled Payment System:
AEPS Procedural Guidelines
Checklist for On-Boarding of Banks for AEPS
AEPS interface specifications

Contact us:
National Payments Corporation of India
C-9,8th Floor ,RBI Premises
Bandra-Kurla Complex,
Bandra (East)
Mumbai-400 051
Phone-022-26573150
Fax 022-26571001
E mail :-contact@npci.org.in

[Guest]

Does the customer specifically need to register to conduct transactions through AEPS?

No. Customer should have an Aadhaar (Unique ID as issued by UIDAI) number linked with any bank account (bank should be a part of AEPS network) where customer has an account. The registration process shall be as per the procedures laid down by the bank providing AEPS service.

[Guest]

Is there any limit on the value of transactions in AEPS?

Aadhaar based accounts would be opened on the basis of simplified KYC guidelines. The bank with which you have linked your Aadhaar number would set the appropriate limit per transaction or in a given day.