Seven banks go with Aadhaar

Our Government has decided to roll out for direct cash transfer to its welfare schemes, (NPCI) the National Payment Corporation of India has announced that our seven banks have already using the payment transfer through Aadhaar-enabled system (AEPS) and other seven banks are in queue for doing the same process, PTI reports. Our Government has decided to roll out for direct cash transfer to its welfare schemes, this task is taken by the NPCI and is ready with the infrastructure to facilitate the process. As on date seven banks have started the AEPS, this payment system will be used to support direct cash transfer, and other seven banks are in queue for doing the same process. “AP Hota Managing Director and Chief Executive of NPCI told PTI”

There are two forms of payment systems “as per the NPCI”, under the AEPS. First will facilitate crediting money into the beneficiary accounts, whereas the second will enable account-holders to withdraw their cash. The first form of AEPS has been implemented by seven commercial banks like Syndicate Bank, Union Bank of India, Central Bank of India, State Bank of India, ICICI Bank and others. Like that other seven banks are in queue for the processing it’s implementation. Hota said that 11 banks have already implemented it for second phase of AEPS to enable withdrawal of the money by the beneficiary.

Our Government has declared earlier that it is a operationalised phased transfer from subsidy-based system to direct cash transfers to its welfare schemes from January 2013 in 51 districts to launch through the Aadhar card prepared by the Unique Identification Authority of India (UIDAI). The AEPS system developed by NPCI is responsible to transfer the cash payment of beneficiaries.A discussion was with held with banks by the finance ministry last week to assess the preparedness of the whole process for this, The Chairman UIDAI officials and NPCI authorities were present. Presently the pilot schemes are working in states like Karnataka Jharkhand, and Andhra Pradesh, and the infrastructure is ready for the whole process. “Hota said”.

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