RBL Bank launches Aadhaar-based disbursement of micro loans

Posted on:02 Dec 2016 10:44:52
RBL Bank launches Aadhaar-based disbursement of micro loans
02 December 2016 Current Affairs: Private sector RBL Bank has launched 'Aadhaar Payment Bridge System' (APBS) for small ticket micro-finance loan disbursements. 

The bank said it is the first bank to launch the APBS on its platform and the intent is to meet the government's target on digital banking. 

This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country .

The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar-enabled bank accounts through RBL Bank. 

It has been developed by NPCI mainly to process government subsidies or direct benefit transfer (DBT) to various government scheme beneficiaries. 

This unique idea of using an existing government platform for disbursing micro loans is a very big step in the direction of moving towards a cashless society in the rural segment .

The APBS also assumes significance at a time when cash availability in the market is actually crippled due to government's recent decision to abolish Rs 500/1000 banknotes from circulation to check black money and widen the tax base. 

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs January 2018

19 JANUARY
NEWS
18 JANUARY
NEWS
17 JANUARY
NEWS
16 JANUARY
NEWS

Current Affairs December 2017

31 DECEMBER
NEWS
30 DECEMBER
NEWS
29 DECEMBER
NEWS
28 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS