AEPS

In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions. The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.  AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication. The four Aadhaar enabled basic types of banking transactions are as follows:- Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar to Aadhaar Funds Transfer The only inputs required for a customer to do a transaction under this scenario are:- IIN (Identifying the Bank to which the customer is associated) Aadhaar Number Fingerprint captured during their enrollment http://www.npci.org.in/aepsoverview.aspx