FAQ

Aadhaar Enabled Payment System 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.

Under AePS currently following services are present:

1.Balance Enquiry

2.Cash Withdrawal

3.Mini Statement

The major requirements to carry out an AEPS transactions are:

       1. Aadhaar Number

       2. Fingerprint

       3. Name or Bank IIN(Issuer Identification Number)

The withdrawal limit depends entirely on customers bank, The maximum limit of most banks are set per day as 10,000 ₹ for an individual, and the limit for a month is set to 50,000 ₹

Any person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with.

eKYC is Electronic Know Your Customer. It is an electronic way of doing real time KYC of a customer using Aadhaar authentication. The Customer has to provide his/her Aadhaar number and biometrics/OTP. EKYC enables an organization to get electronic copy of customer identity and address details, as present in UIDAI database, with Customer consent.

Benefits of AePS are as follow:

1. Aadhaar enabled Payment System is easy to use, safe and secure payment platform to avail benefits by using Aadhaar number & biometrics.

2. Aadhaar enabled Payment System is based on the demographic and biometric/iris information of an individual, it eliminates the threat of any fraud 

    and non-  genuine activity.

3. Aadhaar enabled Payment System facilitates inter-operability across banks in a safe and secured manner

4. Reaching the unreached - The model enable banks to extend financial services to the unreached clients beyond their branch network 

    as beneficiaries  of the BCs are mostly located at unbanked and underbanked areas.

A. eKYC as a product has following benefits:

        1. Paperless.

       2. Cost effective

       3. Prevent Identity hacking and forged documents

       4. Safe & Secure

       5. Instantaneous

The bank which has acquired the transaction or the bank whose device has been used is acquirer bank.

Issuer is the bank in which the user hold his/her account and Aadhaar is mapped for doing AEPS Transactions.

RRN number is a 12 digit number generated to record the transaction and to identify a transaction uniquely.

Step 1: Go to a micro ATM partnered with instant mudra or banking correspondent.

Step 2: Provide Aadhaar number and bank name.

Step 3: Choose the type of transaction you want to make.

Step 4: Provide verification through fingerprint/iris scan.

Step 5: Collect your receipt.

Retailer Can Contact Instant Mudras tech support team at- 8591382393 or drop us a mail at support@instantmudra.co.in for any query or issues related with their transaction