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