It is hoped that these liberalised guidelines would result in expansion of the banking coverage and along with technology provide a sustainable ecosystem for the unbanked and financially excluded segments of the population to be part of formal banking network.
Aadhaar Enabled Payment system: NPCI and UIDAI in partnership are ushering in the Aadhaar enabled payment system (AEPS).AEPS is a bank led model which allows online financial inclusion transaction at PoS (MicroATM using handheld device) through the business correspondent of a bank using the Aadhaar authentication. At present AEPS service can be availed by customers at their respective bank business correspondent outlets.