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.
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.