The National Payment Corporation (NPCL) has partnered with three banks and has launched Aadhar Enabled Payment System (AEPS) Project. The project is aimed to make banking process easier for the poor and less educated population in the country. The Business Correspondents have a major role to play in the implementation of the project.
Under this project, the customers will be able to withdraw or deposit cash, make balance enquires and they will also be able to transfer funds through Business Correspondents by using their UIDs
NPCL defines this facility as “a bank-led model, enabling online financial inclusion transaction at PoS or point of sale, or the MicroATM, through Business Correspondent (BC) of one bank for customers of another using Aadhar Authentication.”
Through this project NPCL will give a boost to the Financial Inclusion Plan as it will make easy to access their account for the no-frills account holders in the remote areas of the country.
The project is made functional in various districts of Jharkhand, where UIDs have been allotted. The three banks that are involved with this project are ICICI Bank , Union Bank of India and Bank of India.