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Fix the problems in Aadhaar-based cash transactions
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Cash withdrawal from bank accounts is an essential financial service in a crisis. Withdrawals are a lifeline for migrants, daily wagers and other informal sector workers suffering severe setbacks to their livelihoods in the ongoing national lockdown.
Unfortunately, bank branches and business correspondents (BCs) have also suffered service disruptions in the lockdown, further limiting the cash-out points in the country.
As a result, we have seen a pivot to reliance on the Aadhaar enabled Payment System (AePS), which has emerged as a key cash-out medium.
AePS enables consumers to withdraw cash after biometric authentication from micro ATMs operated by BCs. A surge in AePS transaction volumes has been witnessed: 403 million approved AePS
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