APBS Full Form And Meaning- Aadhaar Payment Bridge System
What is the full form of APBS?
Full form of APBS = Aadhaar Payment Bridge System
The full form of ABSS is Aadhaar Payment Bridge System. It is related to various types of payments made by the government to the customers. ABPS includes things like subsidy and direct benefit transfer. In this, the beneficiary is identified with an Aadhaar number and it is directly linked to a bank account. Through this process the money goes directly from the bank to the account of the person.
What does mean of APBS?
It is a unique payment system implemented by the National Payments Corporation of India (NPCI), which uses the Aadhaar number as the central key to electronically channelize government subsidies and Aadhaar enabled bank accounts (AEBA) of the intended beneficiaries. profit in. It is a payment system based on Aadhaar number issued by UIDAI and IIN (Institution Identification. Number) issued by NPCI. The APB system is used by government departments and agencies for transfer of benefits and subsidies under the Direct Benefit Transfer (DBT) scheme launched by, Government of India.
- The Direct Benefit Transfer program aims at transferring subsidies to the people directly through their bank accounts.
- Benefits from Government Departments can be credited to the accounts of UGB customers, provided the Aadhaar number is linked with the accounts of our branches.
- Aadhaar Payment Bridge System (APBS) is used to credit DBT transactions for disbursement to Government/Government Agency.
- The objective of DBT is to transfer subsidy directly to the people through their bank accounts. Direct deposit of subsidy into bank accounts will reduce leakages and delays in disbursement of all government transactions.
- The primary objective of this Direct Benefit Transfer program is to bring transparency and eliminate piracy in the distribution of funds sponsored by the Central Government of India.
- The electronic transfer of subsidy eliminates the excessive delay, multiple channels and paperwork involved in the earlier system.
- The customer does not need to open multiple bank accounts to avail benefits and subsidies of various social welfare schemes.
- Just one bank account linked to Aadhaar number is enough to start receiving benefits and subsidies directly in his Aadhaar enabled bank account.
- This payment system enables government disbursements like subsidies to be deposited directly into customer accounts, and subsidies directly deposited into bank accounts will reduce leakages and delays.
How does APBS works?
The Aadhaar Payment Bridge (APB) system, one of the unique payment systems implemented by NPCI, uses Aadhaar number as the central key to transfer government benefits and subsidies into Aadhaar enabled bank accounts (AEBAs) of target beneficiaries electronically. to be broadcast from.
APBS payment system
APBS is a unique payment system implemented by the National Payments Corporation of India (NPCI), which uses the Aadhaar number as the central key to electronically channelize government subsidies and benefits to the Aadhaar enabled bank accounts (AEBAs) of the targeted beneficiaries. does in.
The Aadhaar Payment Bridge (APB) system, which uses the Aadhaar number for electronic credit of government subsidies and benefits to an Aadhaar linked bank account, was earlier mostly done in cash or cheque. Apart from shifting benefits and subsidies under DBT schemes, the system also serves the goal of financial inclusion and provides an opportunity for the government to attempt financial re-engineering of its subsidy management program.
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How to check the Aadhaar number link status
Customer can dial *99*99# from any GSM mobile and check Aadhaar number mapping status in NPCI Mapper. In addition, LPG consumers can check the Aadhaar number mapping status by visiting the transparency portal of the website of the respective OMCs (Oil Marketing Companies).
It is a payment system issued by NPCI (National Payment Corporation of India) based on Aadhaar number issued by UIDAI and BIN or IIN (Bank/Institution Identification Number). The APB system is used by government departments and agencies for transfer of benefits and subsidies under the Direct Benefit Transfer (DBT) scheme launched by the Government of India.
Why is the Aadhaar Payment Bridge (APBS) system needed?
The APB system serves the goal of financial inclusion and provides an opportunity for the government to attempt a financial re-engineering of its subsidy management program. The implementation of the APB system has led to the electronicization of a large number of retail payment transactions which were mainly either in cash or cheque.
It is a payment system based on Aadhaar number issued by UIDAI and IIN (Institution Identification Number) issued by NPCI. The APB system is used by government departments and agencies for transfer of benefits and subsidies under the Direct Benefit Transfer (DBT) scheme launched by the Government of India.
Mapping process in APBS
Under the APB system, mapping is a process of linking a bank to Aadhaar number which is facilitated by NPCI for ‘Direct Benefit Transfer’ to the concerned bank which has linked Aadhaar. Individual users of banks require Class II Digital Certificates to digitally sign APB system files.
The Aadhaar number along with the bank’s IIN (BIN) stored in the NPCI mapper is used to identify the destination bank so that benefits and subsidies can be routed to the intended beneficiaries in the destination bank. On receipt of subsidy and benefit amount, the bank credits the amount to the desired account number based on the Aadhaar number of the beneficiary. Banks are required to upload the Aadhaar number of the customer in the NPCI Mapper in a specified file format through the NACH portal.
- Aadhar Mapped Report – This report contains the Aadhaar numbers uploaded by the bank on that day.
- Aadhaar Moved Out Report – This report contains the Aadhaar numbers transferred to other banks on that particular day.
Main Features of APBS:
- Transactions are easily done by various banks on the basis of Aadhaar number.
- Transaction files can be uploaded and downloaded by the Bank through secure web.
- ABPS includes things like subsidy and direct benefit transfer.
- In this, the beneficiary is identified with an Aadhaar number and it is directly linked to a bank account.
- Through this process the money goes directly from the bank to the account of the person.
- APBS is used for transfer of LPG subsidy. The main advantage of APBS is to meet the goal of Government of India (GOI) and RBI in advancing financial inclusion by processing government disbursements using Aadhaar number.
- It provides secure process.
- Banks can upload/download transaction files through secure web access.
- Banks can connect with NPCI through NPCINET or Internet.
- Transaction routing based on IIN issued by NPCI.
- Transaction processing by destination banks based on Aadhaar number.
- APB Systems supports ISO 20022 messaging standards.
- APB system supports multiple intraday sessions.
- The APB system provides Direct Corporate Access (DCA) to government departments and agencies.
- Provides Online Dispute Management System (DMS).
- The APB system is capable of handling 10 million transactions per day.
- The APB system can process both on and off transactions.
- APB system provides rich MIS to all the participants.
- APB system provides secure clearing and settlement process.
Other full form of APBS:
- The automated property book system
- Accounting plus business services
- Amphibian phosphate Buffered saline
- The automated parcel bundle system
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