You are here: Home » Finance » News » Banks
Business Standard

RBL Bank launches Aadhaar-based disbursment of mirco loans

Bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash

Press Trust of India  |  New Delhi 

RBL Bank launches Aadhaar-based disbursment of mirco loans

Private sector on Wednesday said it has launched 'Payment Bridge System' (APBS) for small ticket micro-loan disbursements.

The bank said it is the first bank to launch the APBS on its platform and the intent is to meet the government's target on banking.

"This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country," the bank said in a release.

The bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash.

The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar-enabled bank accounts through RBL Bank.

It has been developed by mainly to process subsidies or direct benefit transfer (DBT) to various scheme beneficiaries.

"This unique idea of using an existing platform for disbursing micro loans is a very big step in the direction of moving towards a cashless society in the rural segment," said Rajeev Ahuja, Head - Strategy, RBL Bank.

The APBS also assumes significance at a time when availability in the market is actually crippled due to government's recent decision to abolish Rs 500/1000 banknotes from circulation to check black money and widen the tax base.

RECOMMENDED FOR YOU

RBL Bank launches Aadhaar-based disbursment of mirco loans

Bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash

Bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash
Private sector on Wednesday said it has launched 'Payment Bridge System' (APBS) for small ticket micro-loan disbursements.

The bank said it is the first bank to launch the APBS on its platform and the intent is to meet the government's target on banking.

"This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country," the bank said in a release.

The bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash.

The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar-enabled bank accounts through RBL Bank.

It has been developed by mainly to process subsidies or direct benefit transfer (DBT) to various scheme beneficiaries.

"This unique idea of using an existing platform for disbursing micro loans is a very big step in the direction of moving towards a cashless society in the rural segment," said Rajeev Ahuja, Head - Strategy, RBL Bank.

The APBS also assumes significance at a time when availability in the market is actually crippled due to government's recent decision to abolish Rs 500/1000 banknotes from circulation to check black money and widen the tax base.
image
Business Standard
177 22

RBL Bank launches Aadhaar-based disbursment of mirco loans

Bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash

Private sector on Wednesday said it has launched 'Payment Bridge System' (APBS) for small ticket micro-loan disbursements.

The bank said it is the first bank to launch the APBS on its platform and the intent is to meet the government's target on banking.

"This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country," the bank said in a release.

The bank said it is a drive towards cashless loan disbursements, which otherwise is dominated by physical cash.

The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar-enabled bank accounts through RBL Bank.

It has been developed by mainly to process subsidies or direct benefit transfer (DBT) to various scheme beneficiaries.

"This unique idea of using an existing platform for disbursing micro loans is a very big step in the direction of moving towards a cashless society in the rural segment," said Rajeev Ahuja, Head - Strategy, RBL Bank.

The APBS also assumes significance at a time when availability in the market is actually crippled due to government's recent decision to abolish Rs 500/1000 banknotes from circulation to check black money and widen the tax base.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard