Cash Deposit

We can understand the Aadhaar based cash deposit or any other services od micro ATM part by part. So the first thing we need to understand that APES and Aadhaar. APES is a type of financial transaction method that is provided by NPCI (National Payment Cooperation of India). Aadhaar Enabled Payment System is the full form of APES. Any Indian citizen having the Aadhaar number can use the Aadhaar based transaction. The first step to enable the Aadhaar based transaction, a person needs to link the bank account with the Aadhaar number. After this process, the person needs to intimate the respective bank to enable this service.

The beneficiary or the payee needs to have enabled APES services for receiving the payments. Aadhaar numbers are unique for every Indian resident and that is assigned by UDAI (Unique Identification Authority of India). More than one accounts could be linked with a single Aadhaar number. Without having an Aadhaar card or number no one is accessible to such services. Micro ATM services are provided by the business correspondents. They are the approved agents by the banks and they are offering such banking services. The user needs an IIN (Issuer’s Identification Number) for using the service. This is a 6 digits number and this provided by the bank for verification process during such transactions.

To conduct an APES cash deposit, the person needs to have the following things...

• Fingerprint for biometric confirmation
• Name or IIN (Issuer’s Identification Number)
• Aadhaar number

This machine of APES is used as the POS (Point of Sale) gadget. The Aadhaar number is used for authentication of the cash deposit or other micro ATM services. Biometric data are also used for authenticating such transactions.

The benefits

• This is a safer and secured mode of cash deposit
• This is easier to operate
• Handicapped old age pension, NREGA, Social security pension, and other services are also offered by APES. These schemes are solely State and Central Govt. schemes.
• The customer can access bank accounts through Aadhaar number authentication through APES
• Other than the complicated procedure, only the biometric data and Aadhaar card number are required to perform cash deposit including other micro ATM services.
• This can be operated among various banks

The way to do cash deposit through APES

The following steps are used to perform the cash deposit,

• First, the bank customer needs to contact the APES correspondent
• Then the person needs to input the name of the bank and the Aadhaar number
• The customer needs to select the cash deposit option among the other options
• Then the verification for the cash deposit needs to be done through scanning the fingerprint
• After the verification process is done, the cash deposit could be proceed
• The customer could collect the receipt of the transaction

This simple but secured way made the cash deposit easier including the other banking transactions. This process is introduced to initiate the cashless transaction in India. Customers can follow such transactions through different bank agents or business correspondents for micro ATM services. For the bank transfer, the specific business correspondent of that bank is required and for the other services, any business correspondents are eligible to carry forward that service. The only and most important condition is required for such transactions is that the bank account needs to be linked with the Aadhaar number.