Even as government quickens its pace for the ambitious Aadhar-enabled payment system (AEPS) for all-India roll out of direct cash transfer for the welfare schemes, National Payment Corporation of India (NPCI) is ready with the infrastructure for facilitating the process.
“As of now, seven banks have implemented the AEPS, which is the the payment system that will be used to support direct cash transfer, and seven more banks are in the process of doing it,” NPCI Managing Director and CEO AP Hota said.
As per the NPCI, there are two forms of payment systems under the AEPS. One will facilitate crediting money into the beneficiary accounts, while the other will enable account-holders to withdraw cash.
Seven commercial banks such as State Bank of India, Syndicate Bank, Union Bank of India, Central Bank of India and ICICI Bank among others have already implemented the first form of AEPS.
The government had recently announced to operationalise a phased shift from subsidy-based system to direct cash transfers for its various welfare schemes from January next year in 51 districts through the Aadhar card developed by the Unique Identification Authority (UIDAI).