India Post Payments Bank (IPPB) rolled out Aadhaar Enabled Payment System (AePS) Services on the occasion of its first anniversary.
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.
IPPB’s unparalleled network compliments with robust interoperable technology platform set up by National Payments Corporation of India (NPCI). And it is poised to take banking to each & every household across the remotest parts of the country.
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’.
For a significant majority of rural people, the Postman and Grameen Dak Sevak (GDS) are the most important channel for delivery of various financial services at the last mile, making India Post Payments Bank the most accessible, affordable and trusted bank for them.
The launch of AePS by India Post Payments Bank enhances the last mile interoperable banking infrastructure by 2.5 times.
The network brings doorstep banking access to millions of underbanked customers and gives a fresh impetus to inclusion of customers facing accessibility challenges in the traditional banking ecosystem.
About India Post Payments Bank
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
IPPB was launched on September 1, 2018.
The bank 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 last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.