IDFC Bank Part­ners with Gov­ern­ment of AP, Kr­ishna District for DBT through AEPS

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IDFC Bank has part­nered the gov­ern­ment of Andhra Pradesh, Kr­ishna District, to en­able Di­rect Ben­e­fit Trans­fer through in­ter­op­er­a­ble AEPS (Aad­haar En­abled Pay­ment Sys­tem) Mi­cro ATMs that are within easy reach of ci­ti­zens in ev­ery vil­lage. The part­ner­ship is the first to demon­strate the im­ple­men­ta­tion of JAM based trans­fers (tech­nol­ogy-en­abled trans­fer of ben­e­fits us­ing the Prime Min­is­ter Jan Dhan Yo­jana, Aad­haar, and mo­bile num­ber.

It also makes IDFC Bank the first to de­liver Di­rect Ben­e­fit Trans­fer like so­cial se­cu­rity pen­sions, and in com­ing days, oth­ers schemes like schol­ar­ships, LPG sub­si­dies, MGNREGA ben­e­fits etc, through an in­ter­op­er­a­ble AEPS Mi­cro ATM model, at scale, in a district, in a con­cen­trated man­ner. IDFC Bank will soon im­ple­ment this model for the public dis­tri­bu­tion sys­tem (PDS) as well, mak­ing PDS pay­ments cash­less, thereby tak­ing cash­less dig­i­tal bank­ing in ru­ral In­dia to the next level.

The first in­ter­op­er­a­ble so­cial se­cu­rity pen­sion was drawn through an IDFC Bank AEPS Mi­cro ATM at Gana­pavaram, Mylavaram man­dal by Shri Samdi­paamu Gu­ravayya in Kr­ishna district. Nearly 32,000 pen­sion­ers will be us­ing the IDFC Bank Mi­cro ATM in­fra­struc­ture to ac­cess their ben­e­fits in com­ing days. Over time, the con­cen­trated cov­er­age of bank­ing ser­vices at a vil­lage level of­fered by IDFC Bank is ex­pected to touch the lives of 46 lakh ci­ti­zens in Kr­ishna district alone. www.dqin­dia.com 13

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