Union Minister for Communications, Electronics & Information Technology and Law & Justice Shri Ravi Shankar Prasad announced that India Post Payments Bank (IPPB) has launched Aadhaar Enabled Payment System (AePS) Services at the first anniversary of its business operations. With this, IPPB became the single largest platform in the country for providing interoperable banking services to the customers of any bank including the 34 crore Jan Dhan account holders.
- The announcement has been made by the Union Minister for Communications and IT Ravi Shankar Prasad on the 1st anniversary of the IPPB.
- The vision is to build a ‘Truly Inclusive Financial System’ and the most trusted, accessible and affordable bank for the common man in India.
- IPPB with the launch of AePS services has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank.
- Now, any common person can perform basic banking services such as cash withdrawals and balance enquiry, with a bank account linked to Aadhaar irrespective of the bank they hold their account with.
- A customer who has an Aadhaar linked account can authenticate his/her identity with Aadhaar authentication & fingerprint scan, to complete a transaction.
- India Post Payments Bank (IPPB) was established under the Department of Posts, Ministry of Communication.
- IPPB’s 100% equity is owned by the Government of India.