If you live in an area where a bank or ATM services are not available, then just visit a post office near you and withdraw up to Rs 10,000.
India Post Payment Bank (IPPB), which celebrated its first anniversary year on September 1, has launched Aadhaar Enabled Payment System (AEPS). Through APES, account holder of any bank whose account is linked to Aadhaar can get cash up to Rs 10,000 from the post office associated with IPPB. Apart from this, one can also avail benefit of facilities like money transfer from account to account, balance inquiry and mini statement.
The IPPB was started on 1 September 2018. Despite providing several facilities, the IPPB did not get expected response in Nagpur from the very beginning. Senior branch manager of IPPB Abhijeet Jibhkate said that at present there are 10,085 account holders. The AEPS is being implemented in all the post offices attached with IPPB.
On completion of one year of IPPB, awareness program is being conducted for seven days. Under this, financial information is being given to the people in rural areas and information on AEPS is given so that the account holders of any bank can get cash with the help of IPPB if needed.
AEPS is a payment method using the Unique Identification Number (UID). It allows Aadhaar cardholders to make financial transactions through Aadhaar-based authentication.
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