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RBL Bank launches Aadhaar Payment Bridge System

Capital Market 

For disbursement of micro loan

RBL announced that it has become the first in India to launch Payment Bridge System (APBS) for micro loan disbursements. This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country.

Usage of APBS for micro disbursements will help the sector to accelerate the move towards cashless loan disbursements in a space which has been heavily dominated by physical cash. RBL conceptualized this idea of utilizing APBS platform for this unique use case which should become a trendsetter.

The APBS system can now enable MFIs to disburse loan amounts directly in enabled bank accounts through RBL Bank. APBS has been developed by NPCI mainly to process government subsidies or direct benefit transfer (DBT) to the various government scheme beneficiaries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 14:50 IST