Six banks sign up for Aadhaar-based remittance-BL
MUMBAI, OCT. 9:
Customers of six banks will now be able to transfer money from one bank account to the other by keying in the receiver’s 12-digit Aadhaar number.
The National Payments Corporation of India (NPCI) launched the Aadhaar-based remittance system in association with Unique Identification Authority of India (UIDAI) and six banks.
Customers, who have linked their Aadhaar number with their bank accounts, will be able to transact through their mobile phones by just using the receiver’s Aadhaar number, thereby obviating the need to go through the Internet-based transfer process like NEFT.
Nandan Nilekani, Chairman, UIDAI, said, “The launch will make remittances simpler for migrants.”
The “instant transfer” process is just another step to take the economy towards a more cashless society, he said.
Even customers who have a simple mobile phone would be able to transfer the money using the Aadhaar number by sending a message.
Co-incidentally on Wednesday, the Reserve Bank of India set up a technical committee on mobile banking to go into the advantages and challenges of having a single application across all handsets in an SMS encrypted format, among other things.
The committee will submit its report by December.
Six banks - State Bank of India, ICICI Bank, Bank of Baroda, Union Bank of India, Punjab and Maharashtra Co-operative Bank and Mehsana Urban Co-operative Bank - have signed up for this Aadhaar based Remittance System.
“We expect more banks to sign up for this in future,” said A.P.Hota, Managing Director and CEO, NPCI.
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