APBS : Aadhaar Payment Bridge System
Bank is offering following NACH services to the Customers
Benefits of AADHAR Card linking -
- Direct credit of subsidies from government (for LPG, Kerosene etc)
- Direct credit of welfare funds, pensions, scholarships, Policies and ant other payments from government.
- The Payflow ACH (Automated Clearing House) Payment Service enables you to electronically collect payments from your customers for either single-entry or recurring payments by directly debiting your customer’s checking or saving accounts.
- The most common uses of ACH are online bill payment, mortgage and loan repayment, and direct deposit of payroll. ACH payments are an efficient and cost-reducing alternative to paper checks and credit cards.
- On the Internet, ACH is primarily used for person-to-person (P2P), business-to-customer (B2C), and business-to-business (B2B) payments.
Benefits of ACH Payments
Following are the benefits of ACH Payments
- “Provide your customers with an alternative to credit cards and checks.”
- “Offer lower-cost payment than either checks or credit cards.”
- “Faster payments than using checks.”
Aadhar Payment Bridge System
APBS is used for credit transactions for Government/ Government agency disbursements.
APBS has the following objectives
To serve the goal of Government of India (GOI) and Reserve Bank of India (RBI) in furthering Financial Inclusion by way of processing government disbursement using Aadhar number.
To promote electronic transfer of retail payments.
To support various Schemes like NAREGA, Social Security Pension, Handicapped Old Age Pension etc. of any Central or State Government bodies, to send financial details to the beneficiary using Aadhar number.
Benefits to Customers
Obviates need for multiple bank accounts for different schemes Faster channel for receiving all welfare payments without any middle-man Access to micro ATM in villages saves bank trips, thus reducing opportunity and access costs will help in more usage of formal banking system for managing savings and borrowing Online and interoperable architecture of AEPS ensures anytime-anywhere access of bank accounts.
How to Link your Account with AADHAR Card?
- A) If you do not have an account with us and have an AADHAR Card.
=> You can open an Aadhar Enabled Account with us by submitting your AADHAR number and a mandate.
- B) If you already have your AADHAR Card then how to get your AADHAR number linked to your Bank account?
=> If you already have a AADHAR card you have to fill up a prescribed mandate form and submit photo copy of your AADHAR card to the bank for linkage.
- C) If you don't have the AADHAR Card and you are the account holder of our Bank, then what is the process to get your card linked to your account?
=> When you are applying for an AADHAR Card you can mention our Banks 16 digit account number in the Aadhar Card Application Form.
What is in mandate Form?
You need to provide your 16 Digit Bank Account number, 12 Digit Aadhar number, your mobile number, your email Id and self attested photo copy of the AADHAR Card.