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What is AEPS Banking?
AEPS’s full form in banking is the Aadhaar enabled payment system. AEPS banking is the new age of banking transaction which allows online interoperable financial inclusion transaction through the business correspondence of any bank using Aadhaar authentication. ‘
In easy language, AEPS banking services is the best cashless transaction service now a day which allows all bank customers to use basic banking activities using Aadhaar card and fingerprint authentication. To use AEPS services, the customer’s Aadhaar card must be linked with an Individual bank account. If customers Aadhaar card does not link with a bank account, he/she cannot use AEPS banking services.
So here we learn, what AEPS banking is, but the point is what the objectives of AEPS banking are?
Why did this service start?
To understand this, we have to study about objectives of AEPS banking.
What are the Objectives of AEPS Banking?
There are many objectives of AEPS banking but here we discuss the main objectives which make it more popular and favourable in the market.
- To empower banking customers to use Aadhaar card as Identity to access bank account to use basic banking activities
- AEPS banking provides the facility to use banking services in the rural area where banks are unable to reach
- It provides safe and secure banking transactions under NPCI
- It offers centralized banking transaction under the eyes of RBI and NPCI which leads eliminate storage of black money
- To fulfil the goal of the government of India (GOI) and National payment corporation of India (NPCI) in furthering financial inclusion
- Help in creating a cashless society in India
So these are the main objectives of AEPS banking which helped inborn it.
Keep Reading: Important facts about AEPS Banking