New Delhi, India: The National Payment Corporation of India (NPCI) is all set with the infrastructure required to facilitate the process of Aadhaar enabled payment system (AEPS). The AEPS will be rolled out across India and it will enable direct cash transfer for the welfare schemes.
NPCI Managing Director and CEO AP Hota said, “As of now, seven banks have implemented the AEPS, which is the payment system that will be used to support direct cash transfer, and seven more banks are in the process of doing it.”
The commercial banks that have already implemented the first form of AEPS are State Bank of India, Syndicate Bank, Union Bank of India, Central Bank of India and ICICI Bank.
Under the AEPS, there will be two forms of payment systems. One form of payment system will facilitate crediting money into the beneficiary accounts, while the other will enable account-holders to withdraw cash, as per NPCI.