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NPCI Launched Aadhaar-Based Remittance and Query Service


Author :Akanksha Sharma

Top Picks :  Corporate, October 2013 Current Affairs, Business | Industry News , 2013 Current Affairs

The National Payments Corporation of India launched two new services- an Aadhaar-based Remittance Service (ABRS) and a Query Service on Aadhaar Mapper (QSAM) on 9 October 2013. The National Payments Corporation of India started its function in the year 2009. It was established as the hub for all the electronic retail payment systems.

The Aadhaar-based Remittance Service (ABRS) as of now has been launched with Bank of Baroda, Union Bank of India, State Bank of India, ICICI Bank, Mehsana Urban Co-operative Bank and Punjab and Maharashtra Co-operative Bank. ABRS will enable transfer of the funds by making use of the Aadhar number. On the other hand, Query Service on Aadhaar Mapper (QSAM) will enable mapping of the status of a person by making use of the Aadhar number.

Nandan Nilekani, chairman, Unique Identification Authority of India (UIDAI) explained that UIDAI has already crossed 3 crore or 30 million Aadhaar-linked bank accounts.

About National Payments Corporation of India

• National Payments Corporation of India (NPCI) was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009.
• It was incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers.

Is this article important for exams ?   Yes62 People Agreed

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5 Comment

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