What is The Full Form of APBS in Banking?
Thе Full Form of APBS in Banking is Aadhaar Payment Bridge System. APBS is a special payment system supported by the National Payments Corporation of India (NPCI). It electronically channels government subsidies and benefits to the beneficiaries’ Aadhaar-linked bank accounts using their Aadhaar numbers. The APBS is based on the Institution Identification Number (IIN) issued by NPCI and the Aadhaar number provided by the Unique Identification Authority of India (UIDAI).
Benefits of APBS
APBS offers several benefits, including – removing the needless delays, numerous channels, and paperwork associated with the current system and transferring subsidies and benefits into the Aadhaar-enabled bank account quickly, easily, and directly. Further, customers are not obliged to notify government departments or agencies of changes to their bank accounts or bank account details. In order to receive benefits and subsidies from different social welfare programmes, customers only need to open one bank account, seed it with their Aadhaar number, and begin receiving payments straight into their Aadhaar-enabled bank account. This eliminates the need for customers to open multiple bank accounts.
Who is Eligible for APBS?
Subsidies and benefits are available to those who qualify for government-sponsored welfare schemes. For these people to profit from the APB system, their bank accounts must be linked to their Aadhaar numbers. Regardless of the recipient’s bank accounts, APBS seeks to automate financial transactions while guaranteeing that genuine beneficiaries receive their rightful subsidies.
