Current Affairs · Financial Inclusion
Statement 1: The Aadhaar Enabled Payment System (AePS) allows a bank customer to use their Aadhaar identity to access their Aadhaar-linked bank account and carry out basic banking transactions like balance inquiry and cash withdrawal through a Business Correspondent. Statement 2: For an AePS transaction to be successful, the customer must provide their physical card and enter a secret 4-digit ATM PIN on the micro-ATM device to authorize the payment. Statement 3: AePS is a bank-led model that uses biometric authentication (fingerprint or iris scan) via the UIDAI central server, eliminating the need for debit cards or signatures. Evaluate these statements and identify the correct combination.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct.
- 2Statement 1 and Statement 3 are correct.✓
- 3Statement 2 and Statement 3 are correct.
- 4Statement 1 and Statement 2 are correct.
Correct answer
Statement 1 and Statement 3 are correct.
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