Full Forms

APBS Full Form

 FULL FORM of APBS In Banking

What is the full form of APBS?

The full form of APBS: Aadhaar Payments Bridge System. Aadhaar Enabled Bank Accounts (AEBA) are used for electronic transfers of government benefits and subsidies, which are managed by the National Payments Corporation of India (NPCI). 

In addition to achieving financial inclusion, the Aadhar Payments Bridge System provides the government with a chance to re-engineer its subsidy management program. The Aadhar Payments Bridge System has transformed many retail payment transactions that were previously carried out in cash or by check into electronic transactions.

Features of APBS

  • Through secure web access, banks can upload and download transaction files.
  • NPCINet or the Internet can be used by banks to connect to NPCI.
  • IIN-based transaction routing provided by NPCI.
  • Transaction processing by destination banks based on Aadhaar numbers.
  • The system supports the ISO 20022 messaging standard.
  • The system supports multiple intraday sessions.
  • DCA allows government departments and agencies direct access.
  • An online dispute management system (DMS) provides.
  • The capability of 10 million transactions per day.
  • It can process offers, and transactions.
  • This makes a rich MIS available to all stakeholders.
  • It provides a fast clearing and settlement process.

Benefits Of the Aadhaar Payments Bridge System (APBS)

  • This system eliminates excessive delays, numerous channels, and the associated paperwork.
  • It facilitates the seamless, prompt, and direct transfer of benefits and subsidies to Aadhaar-enabled accounts.
  • Customers are not required to report their bank account details or change details to any government department or agency.
  • As opposed to opening multiple bank accounts, consumers only need to open one account and pay to receive benefits and subsidies under many social welfare programs. Aadhaar in a bank account to start collecting benefits and subsidies directly into his or her Aadhaar-enabled bank account.

Steps in the Aadhaar Payment Bridge System Process (APBS).

  • An organization providing services should provide an Aadhaar payment bridge file containing information about the Aadhaar number, reference number of welfare schemes, and bank balance before making MGNREGA wages, scholarships, etc. payments to its beneficiaries. Old age pensions etc. 
  • Aadhaar payment bridge files should be submitted to the NPCI system by adding the sponsor bank’s IIN (NPCI’s Institution Identification Number issued to participating banks).
  • NPCI processes the uploaded files, generates the beneficiary bank files, and produces the settlement file.
  • Bank accounts with RBI are credited with settlement files.
  • On completion of settlement file processing, credit processing to destination banks

FAQs:

What is the full form of APBS?

The full form of APBS in banking is Aadhaar Payments Bridge System.

What is APBS Credit?

The APB payment is used by government departments and agencies to transfer benefits and subsidies under the Direct Benefit Transfer (DBT).

 

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