#aeps debit facility

[spicemoney1]

Requirements For AePS Transactions

AePS (Aadhaar Enabled Payment System) does not require a smartphone, documents, or payment cards. To use AePS, customers only need to link their Aadhaar card to their bank account. The system captures the following information:

Aadhaar Number Biometric Fingerprint Identification Name or Bank Issuer Identification Number (IIN) If the full Aadhaar number is not remembered, the last four digits will suffice. A Business Correspondent with an AePS machine or Micro ATM in assisted mode can perform transactions for the customer.

[justforpay12]

Aadhaar Enabled Payment System (AEPS) Registration with JustForPay

In today’s fast-paced digital world, financial transactions are becoming increasingly automated and secure. One such innovative solution is the Aadhaar Enabled Payment System (AEPS), which has revolutionized how individuals access banking services. If you are looking to leverage AEPS for seamless and secure transactions, the JustForPay platform offers a hassle-free registration process to get started. In this blog, we will take you through the AEPS registration process with JustForPay and explain how it can benefit you.

What is AEPS?

AEPS is a unique payment system powered by the Government of India that allows individuals to perform basic banking transactions using their Aadhaar number. This service is available round-the-clock and is accessible via micro-ATMs, POS terminals, and smartphones with biometric authentication. AEPS enables users to withdraw or deposit money, check their bank balance, and transfer funds using just their Aadhaar number, eliminating the need for traditional bank account details.

Key Features of AEPS:

Aadhaar-based Authentication: Transactions are validated through biometric authentication (fingerprint/iris scan) linked to the user’s Aadhaar number.

Secure Transactions: AEPS ensures the highest level of security through Aadhaar-based authentication and end-to-end encryption.

Universal Access: AEPS can be used by anyone, including individuals in rural areas who might not have access to traditional banking facilities.

24/7 Availability: AEPS services are available 24/7, providing users with convenience and flexibility.

Benefits of AEPS:

Convenience: AEPS simplifies financial transactions as it does not require the user to carry a debit card or remember long account numbers.

Financial Inclusion: AEPS promotes financial inclusion by providing banking access to underserved communities.

Quick Transfers: You can send money instantly to any bank account using just the recipient’s Aadhaar number.

Low Cost: Since the transaction costs are low, AEPS offers an affordable alternative for individuals and businesses alike.

How to Register for AEPS with JustForPay

Registering for AEPS with JustForPay is simple and straightforward. Whether you are a business owner, agent, or individual, the process is designed to be user-friendly. Here’s a step-by-step guide to help you get started:

Step 1: Visit the JustForPay AEPS Registration Page

Go to the official JustForPay website and navigate to the Aadhaar Enabled Payment System Services. This is where you will begin your registration process.

Step 2: Fill in Your Details

You’ll be required to provide your basic information such as your name, contact details, and Aadhaar number. Make sure that all the details you provide are accurate to avoid any issues during the verification process.

Step 3: Verification of Aadhaar Details

Once you’ve submitted your details, JustForPay will verify the authenticity of your Aadhaar number against the database provided by the Unique Identification Authority of India (UIDAI). This is an important step to ensure that your Aadhaar details are correct and linked to your bank account.

Step 4: Set Up Your Security Information

For secure transactions, you will need to set up your personal security information, such as a PIN or password, and biometric data (fingerprint/iris scan). This ensures that only you can authorize transactions from your account.

Step 5: Receive Confirmation and Start Using AEPS

After successful registration and verification, you will receive a confirmation message from JustForPay. You can now begin using the AEPS services for various banking transactions like withdrawals, deposits, balance inquiries, and fund transfers.

Why Choose JustForPay for AEPS?

Reliable Platform: JustForPay offers a secure and trustworthy platform for conducting AEPS transactions, ensuring your money and data are safe.

Ease of Use: The registration process is simple, and the interface is designed to be user-friendly, making it easy for anyone to use.

24/7 Customer Support: If you face any issues or need assistance with your AEPS transactions, JustForPay offers round-the-clock customer support.

Multiple Transaction Options: With JustForPay, you can access a wide range of financial services, making it a one-stop solution for your banking needs.

Conclusion

AEPS is transforming the way we conduct financial transactions in India, and JustForPay is making it even easier to access this service. By registering for AEPS with JustForPay, you unlock a world of financial convenience, security, and inclusion. Whether you are an individual looking for easier access to banking services or a business aiming to offer AEPS to your customers, JustForPay has got you covered.

Get started with AEPS today and enjoy the convenience of biometric-based transactions that are fast, secure, and accessible at any time!

For more information or to begin your registration, visit JustForPay AEPS Registration now.

[soulpayfintechservices]

Top Benefits of Using AEPS for Financial Transactions

In a time of technological advances and digital revolutions the financial industry has witnessed a shift to ease of use and accessibility. One of the most recent innovations that have changed the way that financial transactions are conducted, particularly in India and the country of its origin, can be described as an innovation called the Aadhaar Enabled Payment System (AEPS). AEPS is a safe and user-friendly system that makes use of the Aadhaar network to allow many financial transactions. Let's take a look at the main advantages of using AEPS for financial transactions.

Accessible banking: AEPS has played an important role in the promotion of financial inclusion. It allows people living who live in areas that are remote and unserved to gain access to banking services without having to visit physical branches of banks. With only their Aadhaar number and fingerprint even those who do not have traditional bank accounts can make transactions like cash withdrawals inquiring about balances, cash withdrawals, and transfer of funds.

Security Security is essential in the realm of finance. AEPS employs biometric authentication, which ensures that transactions are safe and almost impossible to fake. Biometric authentication provides an additional layer of protection in comparison to conventional PIN-based systems, reducing the possibility of fraud as well as identity theft.

Convenience AEPS removes the requirement for traditional debit card or passbook or even access to the internet. This is extremely practical for people, particularly in rural areas that might not have access to these facilities. All they require is an Aadhaar number and fingerprints for financial transactions, which makes it easy.

Cost-effective Traditional banking can be expensive, and there are charges to ATM withdraws as well as balance inquiry. AEPS transactions are usually cheaper both for the customer and banks as it lowers the costs related to maintaining physical infrastructure.

Eco-friendly and paperless AEPS encourages an environment that is paper-free by eliminating the requirement for paper-based transactions and documents. This helps create a more sustainable banking system, while reducing the environmental impact that comes with traditional banking procedures.

government initiatives This includes: Indian government has been actively promoting using AEPS as a part the efforts it has made to improve financial inclusion and decrease cash transactions. Different welfare schemes and subsidy programs are currently directly credited to beneficiaries' accounts in the form of AEPS which ensures that the money is able to reach recipients in a timely manner.

Real-time transactions The transactions processed in AEPS happen in real time meaning that users have access to their funds and process transactions in a matter of minutes. This is particularly useful in times of emergency or when immediate access to funds are essential.

Simple Account Linking Linking Aadhaar to the bank account is an easy process and is accessible to many people. Once linked, users are able to complete AEPS transactions without difficulty.

Interoperability AEPS can be interoperable with a variety of financial institutions and banks and allows users to access their accounts and make transactions in various business correspondents of banks (BC) branches. This means that customers aren't restricted to one specific branch of the bank.

In the end it is clear that it is clear that the Aadhaar Enabled Payment System (AEPS) is an important game changer for the Indian financial sector. Its ability to offer a wide range of affordable, safe, and easy banking is a popular option for millions of customers particularly those living in rural regions. As the world is continuing to embrace digital innovation, AEPS stands as a shining example of how technology can help bridge the gap between conventional banking services and the financial sector, enhancing the lives of millions of people across India.

[ezulix]

Highlighted Points of Aadhaar Withdrawal?

AEPS or Aadhaar Enabled Payment System is a payment service that uses Aadhaar card details for authentication and enables transactions through Aadhaar-linked bank accounts. AEPS cash withdrawal is a service provided by banks where customers can withdraw cash using their Aadhaar card and biometric authentication. Some key points about AEPS cash withdrawal are:

AEPS cash withdrawal is a secure and convenient way to withdraw cash without the need for a physical debit card or PIN.

To avail of AEPS cash withdrawal services, customers need to link their Aadhaar card to their bank account.

The biometric authentication is done through fingerprint recognition or iris scan, which ensures secure and accurate identification of the customer.

AEPS cash withdrawal can be availed at any AEPS-enabled bank branch or business correspondent (BC) outlet.

The maximum amount that can be withdrawn through AEPS cash withdrawal is Rs.10,000 per transaction.

AEPS cash withdrawal charges are usually lower than charges for using an ATM or visiting a bank branch.

AEPS cash withdrawal can be used by anyone who has an Aadhaar card and a linked bank account, making it a useful service for people who do not have access to traditional banking facilities.

Overall, AEPS cash withdrawal is a convenient and secure way for customers to withdraw cash using their Aadhaar card and biometric authentication.

If you are looking for the best AEPS service provider company in India to start your own AEPS business, you can choose Ezulix software as the No 1 AEPS company in India.

[aeps-cash-withdrawal-portal]

AePS Cash Withdrawal Service Provider Portal

Start aeps services with mego pay aeps cash withdrawal service provider portal to make use of financial services like cash withdrawal, check the balance and get mini statements of their transactions without the need of a debit card.

Mego pay is one of the emerging aeps service provider company in India that offers all the above-mentioned banking services at the ease of consumers. As we all know today’s world is a technology-driven world. Technology has made our lives easy and comfortable by availing us of most of our requirements effortlessly.

Benefits of AePS

AePS is a foundation for aadhaar empowered banking services with several benefits. Let us have a look at some of them;

1.       AePS ID Free

It is really a great business opportunity for retail shop owners. Just by downloading mego pay app and completing aeps registration for free, they can become mego agents at their same retail shop. Also, we have put forward a distributor mode, under which a distributor can hire a number of retailers.

2.       Earn High Commission

Through mego pay retailer can start earning using aeps cash withdrawal service. They will get good commission on every aeps transaction.

3.       No Requirement of a Debit Card for a Transaction-

AePS transactions carry out using aadhaar numbers, so there is no need for any debit/credit card for cash withdrawal or any other basic transaction. The system works after the verification of aadhaar number with biometric detection.

How Does AePS Work?

Just by remembering 12 digits aadhaar numbers and fingerprint authentication one can avail of financial facilities in their neighborhood via aeps agent. If the fingerprint matches with the unique identification number i.e., aadhaar number then the bank will proceed with the transaction. Few things must be involved if one wishes to make transactions;

1.       Banking correspondent and the medium through which you wish to make the transaction

2.       Aadhaar linked bank account

3.       UIDAI for authenticating a fingerprint

4.       NPCI for settlement of the transaction.

Look! How Simple And Easy to Use AePS?

It is really very easy to make use of this financial facility. You need to follow a few steps as given below:

·         Visit the nearest mego pay aeps agent in your locality

·         Give your 12- digit aadhaar number

·         Select the type of transaction you wish to make.

·         The next step is to select the concerned bank in which you main your aadhaar linked account.

·         In case of cash withdrawal, enter the exact amount carefully.

·         To complete the transaction, you need to verify your fingerprint using a fingerprint scanner

·         Once verified, the transaction will take place instantly then you will receive a receipt and an SMS from your bank.

Hence, we can say that technology has made our life comfortable. Aeps service provider company in India like Mego pay is playing a vital role in bringing this wonderful facility across the country including rural locations and fulfilling the financial requirement of people at their doorsteps.

[aeps-api-provider-company]

Expand Your Business Digitally with AePS API Provider Company

What is AePS? Where and When it can be Beneficial?

AePS is Aadhaar based payment system. This payment system is launched by the government of India under the National Payments Corporation of India (NPCI) and was initiated by RBI. It is a bank-led model that allows online transactions using Aadhaar authentication. AePS enable the following six types of transactions:

·  Cash withdrawal ·  Cash deposit ·  Balance inquiry ·  Mini statement ·  Aadhaar to Aadhaar fund transfer ·  Aadhaar pay

Any customer having a bank account linked to Aadhaar can enjoy the facilities of this amazing service by visiting an AePS agent or business correspondent having AePS portal. Here, you can make your payments easy using your Aadhaar card and fingerprint detection. There is no need for any bank details such as account number and IFSC code, only bank name, type of transaction, and transaction amount need to be given.

Now the question arises where it could be advantageous? Suppose, if you go to a retail shop to purchase some household items but you forgot to take your credit/debit card and don’t have enough cash, then AePS is the best option for you. Nowadays most people carry a soft copy of their Aadhaar on their phones.

Become AePS API Service Provider with our user-friendly API & SDK

We at RBP Finivis developed a user-friendly API & SDK with which you can facilitate the best AePS API services to your clients. So, as an AePS API Provider, we are offering you a wide range of FinTech APIs that can be integrated with business correspondent’s payment portals or they can create something of their own with their brand name and logo.

If you are willing to buy API from RBP Finivis Pvt. Ltd. you can feel free to reach us by visiting our website – https://rbpfinivis.com or you can directly contact us via Email – hello@rbpfinivis.com Toll-free no. – 1800-4196-571

Benefits of AePS API to Customers

There are many advantages of this system. Some of them are:

·  It works with biometric authentication, so it is safe and free from fraudulence.

·  There is no need to remember any pin or password

·  Instant payments without a Smartphone

·  Service available 24*7

·  Make payments and do cashless shopping

·  Instant complaint resolve

·  Easy refund, in case of any technical issue

Conclusion

The 21st century is a technology-friendly era. Here we are living in a world where life is hassle-free due to the advancement in technology. With this advancement, our government thought to take banking services towards digitalization. With the support of NPCI and RBI Aadhaar Enable Payment System was launched in India to offer basic baking services to remote areas. As bank branches are not often available in remote areas, so to sort out their issues various AePS API Provider Companies developed customized APIs. These APIs are delivering innovative services to the common man. Apart from this offers opportunities to unemployed people to start their business and earn income with lots of offers and schemes.

AePS

[vedantpay]

Which is the best digital payment system for rural and semi-urban India?

To answer this question in a better way, let me briefly introduce you to the currently prevalent payment systems in India.

1. Cash-only system : People have preferred to keep small amounts of cash with themselves for a long time, which is used in day-to-day work. It is necessary so that a shortage of money is not encountered in times of need.

2. Cash in bank : Almost 80% of the Indian population above 14 years of age is banked as per the latest data of 2017 . Most of the money kept in these bank accounts is spent through cheques, drafts, or by pay-in-slips.

3. Mobile wallets: Most modern-day mobile wallets like PayTM, PhonePe, Google Pay (formerly Tez), etc. have emerged in the post-demonetization period and during COVID-19. The transactions made through them have crossed ` 36.5 Trillion in 2020, and are expected to more than triple by 2025 .

4. Card transactions: Debit and credit cards of Master, VISA, and more recently Rupay are being used for making payments from bank accounts, by either withdrawing cash from ATMs or directly by swapping on PoS machines or simply waving or touching them near payment terminals. While every commercial bank provides debit cards, eCommerce sites like Amazon and Flipkart have tied up with banks and finance companies to provide specific credit cards to their customers. There are around 94 Crores of active debit cards and 6.2 Crores of credit cards in India in January 2022 .

5. Internet banking: A customer with access to an internet connection can log in to the website of his bank and perform almost every banking transaction, from balance inquiry to transfer of funds to bank statements. Around 26% of people in India are reported to at least have a digital bank account in a 2022 survey, which is expected to increase to 46% by 2027 .

6. Unified Payment Interface (UPI): This is one of the facilities provided by banks in their mobile apps, through which payments can be made and received either through QR codes or direct transfers to someone’s mobile number through Virtual Payment Address (VPA); and account balances can be enquired about. Almost 4.6 billion transactions worth ` 84 Lakh Crore have been processed by UPI in the Financial Year 2022, which is more than double the volume and value of transactions in the previous year 

7. Mobile and SMS banking: Banking is done in two ways through a mobile phone. First is the use of *99# provided by almost every telecom provider for doing banking through SMS, for which banks have implemented daily limits of transactions, under the system called Unstructured Supplementary Service Data (USSD). Second is the use of the mobile app for your bank account by providing a smartphone-ready interface of your bank’s website.

8. Aadhar Enabled Payment System (AEPS): Now, only an Aadhar card is required for making most banking transactions, like withdrawing or depositing money, inter-bank fund transfers, balance inquiry, etc., for which a customer has only got to visit a Banking Partner, like ‘Vedant Mitra’ who has Vedant Pay app installed on his phone and do the required transaction.

9. Micro ATM (mATM): This is a smartphone device in the hand of a business partner like Vedant Mitra through which you can withdraw or deposit money in your Aadhar-linked bank account by inserting your debit or credit card into it and authenticating your fingerprint.

10. Mobile Point of Sales (mPOS): POS machines are very popular in shops and malls for making payments. Now is the era of mobile POS, which are the same devices as mATM, just differing in functionality. Payments can be made using cards, AePS, Mobile Wallets, and QR Code scanners on this machine.

Now coming to your question about the most preferred digital payment system in rural and semi-urban India, let us cover it point-wise:-

(a) Cash-based payment is not feasible because of the risk of theft.

(b) A huge majority of Indians, including our rural population, now have a bank account, thanks to the Pradhan Mantri Jan Dhan Yojana. But withdrawing money through cheques, drafts, etc. is a tedious job, because of the time involved.

© USSD and SMS banking are old forms of mobile banking that are rarely used nowadays.

(d) UPI has emerged as one of the most preferred modes of making payment, because of its simple interface and ease of operations.

(e) mATM and mPOS devices have also become popular modes of making digital payments, mainly in rural and sub-urban regions of India, where banking penetration is relatively low as banks don’t want to open branches owing to logistical and operational concerns.

So, the answer to your question is that UPI, mATM and mPOS have become the best modes of making digital payments in rural and semi-urban India.

[round-pay]

Benefits Offered By the AEPS Software

The main objective of the AEPS Software is to give you access to services like cash withdrawals and cash deposits. It makes a payment less difficult and much faster and secure. AEPS helps to avoid the basic use of cards to complete a transaction.

Benefits of AEPS

With the use of AEPS software, you can pay money for purchases, make deposits and withdrawals. You can also check your balance and make secure payments. Using an Aadhaar micro ATM, you can also withdraw/deposit cash and check balance.

Other benefits of AEPS are:

●       AEPS can also be used through micro ATMs

Micro ATMs are card swipe machines that are equipped with fingerprint scanners. They are handy and can be carried to remote areas by bank correspondents. They can also be referred to as mini ATMs.

●       There is no requirement for a debit card.

Normally you would rely on a debit card to withdraw cash or make payments against purchases. With AEPS Software, such a thing is eliminated, and you can withdraw cash or make payment with your fingerprint and Aadhaar card number.

●       Fast and secure

Since Aadhar is not common and is made up of an individual’s biometric data, it decreases the chances of any fraud. Upon a successful transaction, a receipt is generated, and an SMS is also sent to you from the bank regarding the transaction.

The process is not only safe but fast as it does not involve various steps. People in rural areas are often troubled due to ATMs. AEPS can help them to withdraw or deposit cash.

●       Any banking correspondent can reach a rural place with micro Pos.

Financial inclusion aims to provide banking to clients in rural areas. There are many parts of the country where there is no single ATM. For such places, a banking correspondent can reach along with an aadhaar micro atm.

The correspondent could carry the cash along with them, and you can gain instant cash facility through an Aadhaar pin and fingerprint.

●       Merchants and shopkeepers can use AEPS to receive payments.

Now you can easily receive payments as you make payments. Merchants and shopkeepers can also utilize AEPS to receive payments. This makes it easy for both parties to make and receive payments.  

Final Words

If you live in a rural area and cannot find ATM services nearby, you can use the services of AEPS software. With it, you can access various services like cash withdrawal, making deposits and many more in a safe and secured way.

You do not need a credit/debit card to use this software but only your Aadhar number. This can help you to save time and energy.

[vjmglobal]

Analysis of New RBI Monetary Policy, 2020 & few recent changes by RBI

Central Bank of India, i.e., Reserve Bank of  India (“RBI”) is responsible for forming Monetary Policies. Under Monetary policies, RBI uses various tools to control supply of money in the market so that inflation can remain in control and for the purpose of sustainable Economic Development also.

Therefore, RBI controlling inflationary trends in the economy not only boost economic growth but also ultimately leads to increase in real national income stability.

1. Objectives of Monetary Policy

The main objectives of  Monetary Policy are:

To maintain price stability.

To ensure adequate flow of credit to productive sectors so as to assist growth.

Arrangement of full employment.

Expansion of credit facility

Equality & Justice Stability in exchange rate.

Promotion of Fixed Deposit.

Equitable distribution of Credit.

2. New RBI Monetary Policy, 2020

2.1 In new Monetary policy, 2020 announced on 4th December, 2020, RBI has decided on following points:

Repo rate under the liquidity adjustment facility (LAF) shall remain unchanged at 4%.

Reverse Repo rate under the Liquidity Adjustment Facility (LAF) shall remain unchanged at 3.35%.

Marginal Standing Rate (MSF) and Bank Rate will be 4.25%.

These rates are decided for the purpose of achieving the medium-term target for consumer price index (CPI) inflation of 4%  within a band of +/- 2 %, while supporting growth.

For the purpose of promoting digital  payments, RTGS (Real Time Gorss Settlement) facility was made available round the clock from 14th December, 2020.

RBI proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week.

2.2 Other changes by RBI in New RBI Monetary Policy, 2020

Apart from new monetary policy, RBI has made various other changes to make electronic Banking channel more secure such as:

To reduce cases related to banking fraud, the Reserve Bank of India has implemented new rules related to Debit and Credit Card with effect from 01.10.2020. Following are the synopsis of such changes:

All credit cards and debit cards issued going forward will only be enabled for use within India. However, customers can then request the banks to activate that facility on the card.

Those who already own debit and credit cards will have three options to choose from:

If you happen to own a debit or credit card that you haven’t once used, it will likely be disabled soon. All card issuing companies have been asked to disable online payments for such cards by the RBI.

Customers will have more options to customize their card usages like setting a spending limit, opt-in or opt-out services, and contactless transactions.

Users will have around the clock access to change their preferences at any time through any mode of access — mobile app, internet banking, ATMs and interactive voice response (IVR).

Disable the card, not present transactions (domestic and international)

Disable card, present transactions (only international)

Contactless transaction rights

3. Tools of the monetary policy

Under Monetary policy, RBI uses following tools:

3.1 Cash Reserve Ratio(CRR)

Commercial Banks are required to hold a certain proportion of their deposits in the form of cash with RBI.

CRR is the minimum amount of cash that commercial banks have to keep with the RBI at any given point in time. CRR is computed as a % of total deposits of the bank.

This reserve is maintained so that if any liquidity crunches arise in bank, then RBI  can use such an amount.

RBI uses CRR either to drain excess liquidity from the economy or to release additional funds needed for the growth of the economy. Therefore, an increase in CRR means less funds available with Banks and reduced flow of funds in market.

The RBI has the authority to set the cash reserve ratio between 3% and 15%.

3.2 Statutory Liquidity Ratio (SLR):

SLR is the amount that commercial banks are required to maintain in the form of liquid assets such as cash, gold or government approved securities before providing credit to the customers.

SLR is stated in terms of a percentage of total deposits available with a commercial bank and is determined and maintained by the RBI in order to control the expansion of bank credit.

SLR is required to be maintained in addition to the Cash Reserve Ratio.

Therefore, if RBI wants to reduce flow of funds in market, it increase SLR.

3.3 Bank Rate

It is a rate at which RBI lends loans to commercial banks. Therefore, whenever banks fall short of funds they approach commercial banks for providing  funds.

Bank rate is a tool which RBI uses for maintaining money supply.

Any revision in bank rate by RBI is a signal to banks to revise deposit rates as well as prime lending rate (PLR is the rate at which banks lend to the bank customers).

If RBI increases Bank rate then Bank in turn increases Prime Lending Rate and accordingly, demand of funds decreases in the market.

3.4 Repo Rate

The rate at which the RBI is willing to lend loans to commercial banks is called Repo Rate. However, in case of Repo rate, loan is provided against collateral of securities issued by RBI.

Whenever commercial banks have any shortage of funds they can borrow from the RBI, against securities.

Therefore, Bank rate caters long term financial requirement of banks, whereas, repo rates are used for short term financial needs.

If the RBI increases the Repo Rate, it makes borrowing expensive for commercial banks and vice versa.

As a tool to control inflation, RBI increases the Repo Rate, making it more expensive for the banks to borrow from the RBI with a view to restrict the availability of money.

The RBI will do the exact opposite in a deflationary environment when it wants to encourage growth.

3.5 Reverse Repo Rate

The rate at which the RBI is willing to borrow from the commercial banks is called reverse repo rate.

If the RBI increases the reverse repo rate, it means that the RBI is willing to offer lucrative interest rate to commercial banks to park their money with the RBI.

This results in a reduction in the amount of money available for the bank’s customers as banks prefer to park their money with the RBI as it involves higher safety.

This naturally leads to a higher rate of interest which the banks will demand from their customers for lending money to them.

3.6 Marginal Standing Facility (MSF)

MSF is a very short term borrowing scheme for scheduled commercial banks.

Banks may borrow funds through MSF during severe cash shortage or acute shortage of liquidity.

Banks often face liquidity shortfalls due to mismatch in their deposit and loan portfolios.

These are usually very short term and banks can borrow from RBI for one day period by offering dated government securities.

MSF had been introduced by RBI to reduce volatility in the overnight lending rates in the inter-bank market and to enable smooth monetary transmission in the financial system.

3.7 Base Rate

Base Rate is the interest rate below which Scheduled Commercial Banks (SCBs) will lend no loans to its customers—its means it is like prime lending rate (PLR) and the benchmark prime lending Rate (BPLR) of the past and is basically a floor rate of interest.

Base rate is decided by the Central Bank and commercial banks are not allowed to lend funds at any  interest rate less than Base Rate.

3.8 Call Money Market

The call money market is an important segment of the money market where borrowing and lending of funds take place on overnight basis.

Participants in the call money market in India currently include scheduled commercial banks (SCBs)—excluding regional rural banks), cooperative banks (other than land development banks), insurance.

Click on this link to continue: click here

[the-bankit]

Lack of Digital Literacy in India

BANKIT provides mini ATM device to our agents by which they can provide cash withdrawal, mini statement and balance enquiry services to their customers through debit cards without going to the ATM or Bank. The device enables agents to use cash to provide cash withdrawal services and agents can earn high commissions on each transaction.

BANKIT provides you all the facilities at an ease and at one place. It provides one of the fastest ways to withdraw your cash in a safe and secure way. It also provides you with the mini statement so that the banks can easily connect to their core banks. It also provides you with a aeps facility so that it is easier for you to withdraw cash, get mini statements for your account, balance enquiry, etc without waiting in a queue. It also provides you with an ATM machine at an affordable price. You can also start your Business by buying a Mini ATM machine by BANKIT at the best price available. It also gives you an option for linking your aadhaar card to your account. This device is really useful as it helps you to get all the information of your account with just your debit card without visiting any bank or ATM.

Source: https://uttkarshblogs.blogspot.com/2021/12/lack-of-digital-literacy-in-india.html

[spicemoneyofficial]

Get To Know About Spice Money Mini Bank

The vast majority of Indians still live in villages. Villages have their own infrastructure apart from city infrastructure. True, the company has its own set of facilities and criteria. This does not, however, rule out the prospect of economic opportunities in rural areas.

Spice Money, a Spice Digital business entity, leverage technology to transform the Kirana store next door into a Spice Money Mini Bank. Cash deposit, cash withdrawal, balance inquiry, bill payment, Aadhaar enabled services, train tickets, and other services are available. Spice Money possesses a number of licenses, including the Reserve Bank of India's Prepaid Instruments License (PPI) and Bharat Bill Payment System (BBPS), as well as the UIDAI's KUC User Authentication (KUA). Through its network of 70,000 transacting agents, it serves 4 million unique clients and conducts 30 million transactions yearly.

The Spice Money Mini Bank utilizes several systems some, of which are:

1. AePS (Aadhaar Enabled Payment System) The Spice Money AePS service allows customers to access their Aadhaar-linked bank account and perform basic financial operations, including withdrawals, deposits, balance inquiries, and bank transfers using their Aadhaar card. All Adhikaris at Spice Money with Digital Dukaan have access to a secure Biometric Scanner, which they may use to complete these transactions.

2. Money Transfer (DMT) Spice Money users may send money to a variety of institutions over a large network. They may send money across all major nationalized and private banks in India with the aid of Adhikaris. This is a safe money transfer method that uses many stages of authentication to ensure maximum security. Spice Money Wallet is a semi-closed PPI wallet that is tied to the sender's cellphone number, making it extremely safe.

3. mPOS All Adhikaris may take payments from consumers using Debit and Credit cards with the Spice Money mPOS service. All major credit cards, including RuPay, Mastercard, Visa, and Maestro, are accepted.

Spice Money also offers financing services for various types of company distributorships. Spice Money Adhikaris and consumers may make use of the lending services to obtain attractive loans with low interest rates. The service is secure since the loans are provided by recognized banks and financial entities. These loans have a quick turnaround time and don't require a lot of paperwork or a long wait time.

Spice Money could be able to help you with simple loans for a greater business chance. You may also buy a Spice Money Bluetooth printer and make money with it. The Spice Money Bluetooth printer is also available for purchase.

[jovialchaosinfluencer]

Know exactly what AEPS is and its particular uses.

Aeps is a particular system which is developed by the National Payments Company of India which enables people to actually carry out the financial transactions mostly on a Micro-White Label Atm by supplying only their particular Aadhaar number and checking it with the aid of their fingerprint/iris scan.

People may not have to actually mention the particulars of their particular bank account in order to carry out these transfers. With the assistance of this kind of payment system, people will simply send money from one bank account to somehow another via their Aadhaar numbers. Just try to contact the Best Recharge API Provider.

 As the particular system runs on a single server, people may transfer money from mostly their own account to any of the account, irrespective of that bank under which the particular receiver's account is run. You can easily get the Mobile Recharge Api.

This scheme would provide another layer of authentication to financial transfers, as bank records will no longer be needed to be shown when these financial transactions are being carried out, and signatures from the account holder would be used to authorize the transaction. You can also become a Mobile Recharge API Provider.

Aeps Payment Benefits

There are a host of advantages to Aeps. Some of these are listed below:

Banking and non-banking operations may be carried out by a bank correspondent. Recharge Api is also present.

Banking correspondents of particularly one bank may also conduct transactions of some other banks.

Individuals don't have to provide a debit/credit card in order to allow transfers by Aeps. Usually Recharge API Free is good.

Fingerprinting is necessary for account verification through Aeps.

Micro PoS devices may be brought to distant areas, allowing people in the remote villages to make immediate purchases. Find the best Recharge API Provider in India.

What services should be used by Aeps?

Particular 6 services are given to the citizens through Aeps. There are the following:

Funds Withdrawal

Cash Deposition

Balance Survey

Aadhaar to Aadhaar Fund Conversion

Mini Declaration

EKYC – Strongest Finger Tracking/IRIS Detection

Shift of the Aeps Fund Cap

RBI has indeed set no restrictions for transactions which are made by Aeps. However, perhaps the various particular banks have limited the transactions made through Aeps to minimize, if any, the abuse of the payment mechanism. Recharge API Providers usually make a lot of money.

Why did the Indian government introduce the Aeps program?

The government has actually set the goal of getting all people into the banking system. It is not possible, however, to fully open the particular bank branches in all of the remote villages. As a result, the government has indeed come up mostly with AePS, where people from distant areas can conveniently be able to actually send or receive money and uses other kind of financial and otherwise non-financial banking facilities with now the help of further Micro ATMs and otherwise bank correspondents. You should always try to get Recharge API with High Margin.

Transactions made via this channel include biometric verification through the best detection of the index finger or iris. Signatures can be further forged, but once again fingerprints/iris cannot be forged. This made transfers safer. Api Recharge is actually very beneficial.

[iserveutechnologies]

Aadhaar ATM:  One Easy Solution for Every Transaction. ATMs have been around us for quite a long time now. Did you know that the first one in India came around 1987! And to be very honest, in these last 32 years, there had been no major changes to the fundamental model of an ATM. When ATMs were introduced, they solved a huge problem of availing instant cash to the public without any direct involvement of any typical banking process. People were able to avail cash anytime just by using their credit or debit cards from the nearest ATM kiosk, Though the invention served many financially literate people in the last three decades the usage has been only limited much of the urban population. Rural masses couldn’t get much of it due to a lack of financial literacy and complexities that came with it. However, that is not the case anymore, at least not with Aadhaar ATM When iServeU was founded, its key goal was to bring products and services that will solve the problem of financial inclusion in rural masses. To provide a hassle-free banking service to a nation at the need of the hour, iServeU came up with a revolutionary product that became a breakthrough in personal banking – Aadhaar Enabled Payment System. AEPS or Aadhaar ATM is the most convenient way of making basic transactions like cash withdrawal and balance inquiry by just using Aadhaar Card and Fingerprint. That’s it! No more bank visits or hunting of ATMs, No need of IFSC code or any account number, just your unique Aadhar Number and fingerprint will do your transactions without any additional costs! iServeU has partnered with RBL bank limited to take the service to a maximum number of people, especially in the rural masses. The service is so simple and reliable that people who find it difficult to remember security pins or go through hectic banking procedures like senior citizens, differently-abled etc. can also get the hold of it. Aadhaar ATM is a safe facility with biometric authentication that enables instant and secure transactions at the tip of your fingertips. It is a small but essential step towards the dream of bridging the financial gap between the institution and the masses. For more details contact us.

[aeps-api-provider-company]

Micro ATM is a Boon for Human Society

Massive growth has already been made by banks to bring financial inclusion in the country to help human society. But, a large number of rural and urban poor people are still lagging to have access to their basic bank account, which is an important first step towards financial inclusion. However, it is not possible to set up bank branches and large ATMs in remote rural areas. Thus, Micro ATMs are the most suited substitute to overcome the lack of such facilities.

RBP FinivisPvt. Ltd. developed an integrated API and SDK to help people of remote areas to come under the banking framework and make the best use of it. As a Micro ATM API Provider Company in India, we offer the best services with advanced features.

What is Micro ATM?

Micro ATM is a small device that connects to the core banking system via its card swipe features. It is also known as Mini ATM because it replaces the bigger ATMs with the point of sales (POS) terminus. A card reader is united with the device for all banks debit cards along with the features of cash withdrawal, balance inquiry, fund transfer, etc.

Transactions can be Done Using Micro ATM

Cash withdrawal

Balance inquiry

Cash deposit

Fund transfer

Micro ATM Cash Withdrawal Requirement and Limit

Nowadays technology is growing at a fast pace to provide a comfortable and cozy lifestyle to every individual. But cash is still the king of most of the payments of the Indian economy. In rural and urban areas some people are dependent on cash for purchasing goods and services. If you ask your mom to make a digital payment she would deny and will be comfortable with cash payment only.

However, we realized the need and developed Micro ATM API &SDK to offer a cash withdrawal facility. With this, people do not need to go to bank branches or ATMs to withdraw cash. Go to any retail shop having a micro-ATM POS device and withdraw cash as per your requirement using your debit card.

Reserve Bank of India has not set any limit for the withdrawal of cash. Other banks have set Rs 50,000 per day as the limit of withdrawal for all the micro-ATM users.

What is the work process of Micro ATM?

Primarily, the verification process takes place using the card swipe option. After the verification of the debit card, various options for the transactions will be displayed on the screen of the mobile phone as the Micro ATM device is connected to the mobile application via Bluetooth. You need to choose the type of transaction you want. Your Micro ATM service provider will proceed further with your desired transaction. Then, the receipt will get generated within few seconds.

Create your brand and start Micro ATM Business

RBP Finivis is a leading fin Tech and an API provider company in India. If you want to start your Micro ATM business with your brand name and Logo, then RBP is the best option for you. We offer you well-developed and compatible API and SDK as per your requirement at reasonable and at better market rates. Not only Micro ATM service, but we offer other financial services also such as Aadhaar Enabled Payment System, Bharat Bill Payment System, Fast tag Recharge, and DMT. We have started such services to offer employment to the unemployed, an opportunity to earn additional to already employed people, and the most important motive is to bring the rural population under the framework of banking to bring financial inclusion in the country.

Objectives of Micro ATM

Some of the objectives of Micro ATM standards are as follows:

To bring financial inclusion in the country

To offer maximum compatibility with the existing banking system

To ensure secure and transparent transactions

To bring down the cost of integrating Micro ATMs into banks networks

To ensure a more uniform customer experience

To offer 24*7 banking services to the customers

Conclusion

Hence, it is expected that these Micro ATM standards will help to accelerate the growth of financial inclusion in India and help to achieve the nation’s goal of inclusive growth.

As an API provider in India always try to deliver the most innovative and compatible products and services to our customers. We are here with the Rural Banking Programme to offer help support to people and to reduce poverty in the country

AePS

[e24pay]

What are the advantages that come with AEPs?

Basically Aadhaar enabled Payment system is that particular way to get enough money from instead a bank account without either your own signature or perhaps even debit card. So mostly with the Aadhaar enabled Payment System, potential customers do not even need to come and visit a branch of the bank to just get their money directly.

Aadhaar Enabled Payment Mechanism acts mostly as a payment service enabling instead a bank customer to use the same Aadhaar as even their own identity to enter only their own respective Aadhaar enabled by default personal bank account. White Label Business Aeps Opportunities are getting better and better day by day. AEPS allows consumers to conduct simple financial activities such as with balance enquiry, cash deposits, cash transfers, remittances by company correspondents. Aeps White Label Software which is being used at many places actually helps a lot.

Services which you can see are here available mostly under the AEPS have been given below as follows:

1. Inquiry of Balance

2. Shift of Aadhaar to the Aadhaar Fund

3. Complete withdrawal of cash

4. Cash Deposit all of the facilities that are given above are actually made available in even both the inter-bank as well as the intra-bank modes of AEPS. Domestic Money Transfer White Label can be easily done without any hassle.

What information does the consumer need to have on the AEPS financial transaction? Aeps White Label Solution has been very useful. Majorly three inputs are always required: single customer Aadhaar total number MicroATM fingerprint recognition potential customers now for online authentication IIN current number so what are the additional benefits of further AEPS?

* Protection Aadhaar enabled Payment system is indeed simple to use, reliable and secure payment mechanism to make use of Aadhaar absolute number & finger prints. Aeps White Label Price is pretty much reasonable.

* Prevents fraud Aadhaar activated Payment legal system is based mostly on the demographic and also the biometric/iris details of the person and completely eliminates once again the possibility of fraud and also any kind of non-genuine activity which is performed. Aeps Software is nowadays used worldwide.

* Disbursement of further Government Benefits Aadhaar has allowed the Payment Mechanism to allow disbursements of further Government entitlements such as with NREGA, Social Security state pension, Disabled due to old age retirement pension, etc. by any central or state government agency by using Aadhaar authentication process. Domestic Money Transfer Api has been doing a great work in helping people.

* Easy-to-operate Aadhaar enabled Payment Mechanism enables interoperability across several banks even in a safe and much secure way all without debit cards and otherwise signatures. People are more and more using the AEPS Services now.

*Achievement of rural AEPS allows banks to somehow expand financial services across their branch network once again to unreached customers. Main beneficiaries of further new bank correspondents here are often found in unbanked and some of the under-banked major areas. Banking correspondent really can hit a remote rural area with the major help of micro POS machines. DMT Services are also getting popular.

[alltechnicalbabaji]

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