India Post Payments Bank introduced issuer charges for AePS

India Post Payments Bank (IPPB), Department of Post (DoP), and Ministry of Communication have introduced issuer charges for the Aadhaar Enabled Payment System (AePS). AePS Issuer transaction charges will be in effect from June 15, 2022. AePS is a bank-led model that enables online interoperable financial inclusion transactions at the Point of Sale (MicroATM) using Aadhaar verification through any bank’s business correspondent. AePS provides six different transaction types.

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The monthly first 3 cumulative AePS Issuer transactions, such as cash withdrawal, cash deposit, and mini statement, will be provided free of charge. Over the free transaction limit, AePS issuer cash withdrawals and cash deposits will be charged Rs. 20 plus GST for each transaction and mini statement transactions will be charged Rs. 5 plus GST per transaction.

Important takeaways for all competitive exams:

• India Post Payments Bank  Founded: September 1, 2018, under the Department of Posts, Ministry of Communication;
• India Post Payments Bank  Headquarters: New Delhi, Delhi;
• India Post Payments Bank  MD & CEO: J Venkatramu;
• India Post Payments Bank  Tag line: Aapka Bank, Aapke Dwaar.

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