With respect to the Aadhaar Enabled Payment System AePS consider the following statements 1 The AePS...........

Miscellaneous Others

With respect to the Aadhaar Enabled Payment System (AePS), consider the following statements:

1. The AePS enables a customer to access his bank account through Aadhaar authentication, without the need to carry the debit card.

2. The AePS has been developed by the National Payments Corporation of India (NPCI).

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

Explanation:

Answer: (c) Explanation: The AePS (The Aadhaar Enabled Payment System) is a bank-led model which allows transactions at the PoS (MicroATM), through the Business Correspondent of any bank using the Aadhaar authentication. ? It empowers a bank customer to use the Aadhaar as identity to access the Aadhaar enabled bank account and perform the basic banking transactions, like cash deposit, cash withdrawal, intra-bank or inter-bank fund transfer, balance enquiry and obtain a mini statement through a Business Correspondent. ? The only inputs required for a customer to do a transaction under this scenario are: