Business correspondents' body demands higher charges for AePS withdrawals

Faced with a jump in costs and transaction failures, bank agents are demanding an upward revision of per-transaction charges to 1 per cent or Rs 21, whichever is lower

Fifteen years after the Aadhaar-enabled Payment System (AePS) was rolled out, the Business Correspondent Federation of India (BCFI) is pitching for increasing the cost of such transactions by 50 basis points. 

The BCFI, which is the national body for banks' so-called business correspondents (BC) who serve under-serviced areas, is arguing for upping the pricing of AePS transactions to one per cent of the ticket size or Rs 21, whichever is lower. The current price stands at 0.50 per cent of the transaction or Rs 15 (whichever is lower). BCFI has raised the matter with the Reserve Bank of India as well