Banking Services Offered
by AePS
Cash Deposit _____ Financial Transaction
Cash Withdrawal _____
Financial Transaction
Balance Enquiry ------ Non – Financial Transaction
Mini Statement ------ Non –
Financial Transaction
Aadhaar to Aadhaar Fund Transfer
_____ Financial Transaction
Authentication ------ Non –
Financial Transaction
BHIM Aadhaar Pay _____
Financial Transaction
The volumes of Non-Financial transactions i.e Balance
Enquiry and Mini Statement requests are not in public domain.
NPCI vide Cir No : NPCI/2020-21/AEPS/011
Date: March 30th, 2021 addressed to, ‘All Members of Aadhaar Enabled Payment
System,’ informed about Implementation of monthly limit for Off-us Mini
Statement.
This
new rule was necessary as the AePS System witnessed significant growth in
volume of Off-us Mini Statement transactions.
At
the same time, it was noticed there has been decrease in Balance Enquiry
transactions and disproportionate increase in Mini Statement transactions.
Hence,
in order to provide convenience to users and bring uniformity in services, NPCI
has advised banks to implement a minimum monthly limit of 5 Mini Statement
transactions.
Q: What is Off-Us
transaction, financial or non-financial
Ans: An inter-bank
(OFF-US) transaction is one where there is the movement of funds from one bank to
another necessitating an interbank settlement.
Customer can approach
other Bank terminals for availing AePS Service.
Under non-financial mode,
customer’s preferred Mini Statement feature over Balance feature.
Balance or Mini Statements?
Q: Why do bank account holders
choose Mini Statements in AePS
Ans: One reasonable explanation
for the Mini Statements craze via AePS, is its simplicity and no-cost feature.
Account Holders can obtain
Mini Statement via ATMs, but for this Debit Card and Debit Card PIN is
mandatory.
Account Holders can obtain
Mini Statement via Mobile Phones, but for this a bit of tech-savvy is required.
Only
the Balance service is not attractive, as account holders would like to details
of the last few transactions. This is more important when the account holders
are expecting credits from government departments.
NPCI vide circular dt.11th March 2020 advised AePS
members not to put any limit for any non-financial transactions i.e Balance
Enquiry and Mini Statement
Quote
from NPCI Cir No March 30th, 2021
Post 5 Mini Statement transactions per
customer (per month), issuer bank can decline the transaction with appropriate
response code as per NPCI specifications or charge the customer as per their discretion.
Banks should duly notify
their customers if they wish to charge customers, for the services above
prescribed limit.
Unquote
Q: What is Aadhaar Enabled
Payment System?
Ans: Aadhaar Enabled
Payment System(AePS) is a payment service empowering a bank customer to use Aadhaar
as his/her identity to access his/ her respective Aadhaar enabled bank account
and perform basic banking transactions like balance enquiry, cash deposit, cash
withdrawal, remittances through a Business Correspondent.
Disclaimer: - These are my
personal views only. The bottom line is Mission #LessCashNotCashLess
