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Aadhaar ATM: India Post Payments Bank said on X (previously Twitter), “In need of urgent cash but don’t have time to visit the bank? Worry not!"
Financial Literacy News: If you find yourself in urgent need of cash without the time to visit a bank or ATM, fret not! There's a convenient solution available that allows you to withdraw cash from the comfort of your own home.
The IPPB (India Post Payments Bank) Online Aadhaar ATM (AePS) service allows you to access cash from the comfort of your home if you need it quickly and don't have time to visit a bank or ATM.
Right now, there is no two factor authentication for Aadhar enabled payments, which is risky and the cause for many frauds. The customer can pay the merchant by entering their Aadhar number and biometrics like fingerprints and iris. Fraud with iris happens more to older people, as fingerprints become difficult to capture with age.
Unlike the curbs on Yes Bank or several cooperative banks, the latest series of RBI restrictions were not a fallout of the dire finances of the entity concerned.