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Mahagram to deploy 1 lakh Aadhaar-enabled ATMs across India

Press Trust of India  |  New Delhi 

Fintech firm will deploy over 1 lakh Aadhaar-enabled machines across to facilitate withdrawals for people of far flung areas.

This will provide a variety of services like cash withdrawal, cash deposit, balance enquiry, mini statement, loan repayment, loan disbursement, domestic remittance services, customer enrolment, e-governance, pan card and eKYC of customers.

Enabled Payment System or AEPS is a payment service developed by the (NPCI) allowing banks, financial institutions to use number and online UIDAI authentication for transactions through their (BC) service centres.

AEPS, a new age service, has been approved by the RBI.

Vasudev Phadnis, Director Business Development, said the launch of micro ATMs across network will enable every Indian to get the power of digital experience.

"At we have a vision to create about 500 million transactions by FY 2020. We believe is the only medium to bring the large number of under-banked and unbanked people in the proper system. This will also help in generating transactions in areas where banking access is limited," he added.

The Mumbai-based firm - Mahagram focuses on that facilitate the banking needs with the help of Aadhaar and

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

First Published: Wed, June 13 2018. 21:10 IST