Aadhaar Payments Bridge – Introduction of Two new products
The
growing popularity of Aadhaar Based Credits – APB has led to introduction of
two new products under the APB umbrella.
National
Payments Corporation of India vide circular dt December 26, 2017 addressed to
APB Live Banks announced the two new products.
The two new products are as under
New Product 01) – HIG (DBT high
value transactions) with header code as “33” and transaction code as “79”
New Product 02) – OTH (Other non
DBT credits ) with header code as “33”
and transaction code as “80”
Background:
Prior to introduction of the
above two new products, APB had the following two products
i.)
APB (DBT transactions)
with header code as “33” and transaction code as “77”
ii.)
DBL (DBTL
transactions ) with header code as “33” and transaction code as “78”
The
maximum individual transactions in the above two products was capped at INR2
lacs. There was a demand for high-value transactions to be also routed through
APB from the stake holders.
Keeping
in view, the need for enhanced monitoring of High value transactions, NPCI
introduced two new transaction codes i.e 79 and 80 for high value transactions.
This enables
to participants to individual credits over Rs2,00,000/- through the Aadhaar
Payment Bridge.
Benefits
of Aadhaar Payment Bridge (APB) System : -
Eliminates inordinate delays, multiple channels & paper-work involved in
the existing system.
Transfers benefits & subsidies in a seamless & timely manner and
directly into the Aadhaar Enabled Bank Account.
In case
of change in bank account, customer is not required to convey the bank account
details or change in bank details to the Government Department or Agency.
Customer not required to open multiple bank accounts for receiving benefits and
subsidies of various social welfare schemes – Customer just need to open one
account and seed his/her Aadhaar number in the bank account to start receiving
benefits and subsidies directly into his/her Aadhaar Enabled Bank Account.
NPCI mapper is the heart of APB System:-
NPCI
mapper is a repository of Aadhaar numbers maintained by the APB System and used
for the purpose of routing the APB transactions to the destination banks.
The NPCI
mapper contains Aadhaar number along with IIN of the bank to which the customer
has seeded his/her Aadhaar number.
APB
member Banks have to upload Aadhaar number in NPCI mapper in a specified file
format through NACH portal.
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