The Union Minister for Communications, Electronics & IT and Law & Justice Ravi Shankar Prasad announced on 9.9.19 the rollout of Aadhaar Enabled Payment System (AePS) Services by India Post Payments Bank (IPPB). With the launch of AEPS services, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank by leveraging the last mile unprecedented reach of the Postal network.
With AePS services any common person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. To avail these services, a customer with an Aadhaar linked account can simply authenticate his/her identity with fingerprint scan & Aadhaar authentication to complete a transaction. AePS services are bank-agnostic and are driven by an inexpensive infrastructure enabling low cost delivery of doorstep banking services to every section of the society without discrimination, thus bringing forth the dawn of a ‘Truly Inclusive Financial System’.
India Post Payments Bank (IPPB) launched on September 1, 2018, has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the most remote place with its strong comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.