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Over 120 crore out of 140 crore bank accounts in the country have been linked to Aadhaar so far enabling people to enter into the formal financial system. The CEO of Unique Identification Authority of India (UIDAI) Dr. Saurabh Garg has said that through around 29 lakh micro ATMs in the country, people are able to do financial transactions using Aadhaar enabled payment system (AePS).
AePS is a bank-led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
Dr. Garg said the Government is focusing on the trinity of Jan-Dhan, Aadhaar, and Mobile (JAM) which has provided transparency in the implementation of government welfare schemes and included the marginal section of the society in the mainstream economy through financial inclusion.
In terms of financial inclusion and digitalization of the Indian economy, Aadhaar has contributed to digitalization and financial inclusion through its various technology platforms.
He said through AePS, Bhim Aadhaar Pay and Micro ATMs people are connecting to the financial systems even from those areas where banks are not available. Dr. Garg said Aadhaar has provided not only an identity but a financial address also to the common people of the country.