Current Affairs - Banking - Discussion

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. With the help of AEPS services anyone with a bank account linked to Aadhaar can carry out basic banking services like cash withdrawals and balance enquiry irrespective of the bank they hold their account with. Thus, it will benefit the unbanked and underbanked customers and help in doorstep banking access to millions of underbanked customers. In August 2019, the transaction value of AePS stood at Rs. 10,034.12 crores.