Mahagram to deploy 1 lakh Aadhaar-enabled ATMs

Fintech firm Mahagram will deploy over 1 lakh Aadhaar-enabled ATM machines across India to facilitate money withdrawals for people of far flung areas.

This ATM will provide a variety of services like cash withdrawal, cash deposit, balance enquiry, mini statement, loan repayment, loan disbursement, domestic remittance services, customer enrolment, e-governance, pan card and eKYC of customers.

Aadhaar Enabled Payment System or AEPS is a payment service developed by the National Payments Corporation of India (NPCI) allowing banks, financial institutions to use Aadhaar number and online UIDAI authentication for transactions through their respective business correspondent (BC) service centres.

AEPS, a new age banking service, has been approved by the RBI.

Vasudev Phadnis, Director Business Development, Mahagram said the launch of micro ATMs across network will enable every Indian to get the power of digital banking experience.

"At Mahagram we have a vision to create about 500 million transactions by FY 2020. We believe Aadhaar is the only medium to bring the large number of underbanked and unbanked people in the proper banking system. This will also help in generating transactions in areas where banking access is limited," he added.

The Mumbai-based firm Mahagram focuses on alternate payment technologies that facilitate the banking needs with the help of Aadhaar and digital banking platform.