The Full Form of ‘APBS’ in Banking is ‘Aadhaar Payment Bridge System’.
Full Form of APBS
The Full Form of ‘APBS’ in Banking is ‘Aadhaar Payment Bridge System’.
APBS, or the Aadhaar Payment Bridge System, is a payment system developed by the Indian government to enable direct payments from one bank account to another. It uses the Aadhaar number – a unique 12-digit number issued to all Indian citizens – as the primary identifier for making transactions.
The APBS helps facilitate fast and secure financial transactions without involving any middleman or third party. This makes it an efficient and cost-effective way for banks to transfer funds between customers’ accounts. The system also allows customers to receive payments directly into their bank accounts without having to provide additional documentation or identification.
The system was introduced in 2016 and is managed by the National Payments Corporation of India (NPCI). The NPCI has partnered with various banks across India to provide access to APBS services. As of 2021, over 50 banks have integrated this system into their banking infrastructure, including some of the largest names like State Bank of India (SBI), HDFC Bank, Axis Bank, ICICI Bank, etc.
The process for using APBS is very simple and straightforward. Customers just need to provide their Aadhaar numbers at the time of initiating a transaction; no other documents are required for authentication purposes. The payment request is then verified via biometric authentication before being processed further by NPCI. Once approved, the money will be transferred from one account to another within seconds with complete accuracy and security.
In addition to its convenience and security features, APBS also provides several other benefits such as low transaction costs, real-time tracking of payments, easy reconciliation of accounts, fraud prevention capabilities and more. Moreover, it eliminates the need for paper-based systems which makes it an environmentally friendly option as well.
All in all, APBS is revolutionizing banking solutions in India by enabling safe and convenient transactions between two parties without involving any intermediary or third party service provider. It has become an integral part of India’s digital transformation journey and looks set to remain so in the years ahead.
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