Mahagram India’s leading Business Correspondent will deploy over 100000 Aadhaar ATMs and BC outlets across India. This initiative will be one of such moment in the digital empowerment of the Indian rural sector, which is also a part of the PM Digital India Initiative.
Aadhaar Enabled Payment System or AEPS is a payment service developed by the National Payments Corporation of India (NPCI) allowing banks, financial institutions to use “Aadhaar” number and online UIDAI authentication for transactions through their respective Business correspondent service centers. AEPS, a new age banking service has been approved by the Reserve Bank of India (RBI). The AEPS allows transaction using Aadhaar and biometric authentication and enables a person to carry out multiple financial transactions on a micro-ATM provided by a banking correspondent. AEPS enables an Aadhaar holder to avail of banking services through real time Aadhaar authentication.
Banks are planning to utilize the large nationwide UID (Aadhaar) coverage, to help rural masses with Aadhaar enabled micro ATMs as they facilitate eKYC, paperless and instant banking. This ATM will provide a variety of services like cash Withdrawal, Cash Deposit, Balance Enquiry, Mini Statement, Loan repayment, Loan disbursement, Domestic Remittance Services, Customer enrollment, eGovernance, Pan Card and eKYC of customers.
Quotes from Vasudev Phadnis, Director Business Development, Mahagram Creating a rural fintech network has been always a passion for Mahagram, today we are delighted that we will be launching the micro ATMs across Network enabling every Indian to get the power of Digital Banking experience.
He further elaborated that at Mahagram we have a vision to create about 500 million transactions by FY 2020. We believe Aadhaar is the only medium to bring the large number of under-banked and unbanked people in the proper banking system. This will also help in generating transactions in areas where banking access is limited.
Mahagram is Mumbai based ‘Fintech’ startup. It is a tech driven company focusing on alternate payment technologies. By partnering with banks and financial institutions providing hundreds of millions of Indians who are under-banked and who do not have the capability to resolve basic banking services and government schemes. Approx. 70% of Indian population is in rural India. And that’s the right target segment. Mahagram is facilitating these banking needs with the help of aadhaar and digital banking platform.
The objective is to help customers with travel costs, retails and financial services through the internet. They help government and its local government bodies with automated and computerized certificate issuance, eGovernance PAN Card & Tax/Cess collection. Their mission is to entitle every Indian with an easy means of approach to digital payments.
With this payment gateway and easily accessible usage, people of rural and semi-rural areas across India can leverage upon the offered facilities. The purpose of Mahagram is to make it easy for customers who are under no-data connectivity or still using old feature phones. This initiative is sure to act as a major catalyst for digital payments a big leap towards digital India.