For disbursement of micro finance loan
RBL Bank announced that it has become the first bank in India to launch Aadhaar Payment Bridge System (APBS) for micro finance loan disbursements. This was achieved by doing the first successful cashless disbursement to various beneficiaries in the rural segment across the country.Usage of APBS for micro finance disbursements will help the sector to accelerate the move towards cashless loan disbursements in a space which has been heavily dominated by physical cash. RBL Bank conceptualized this idea of utilizing APBS platform for this unique use case which should become a trendsetter.
The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar enabled bank accounts through RBL Bank. APBS has been developed by NPCI mainly to process government subsidies or direct benefit transfer (DBT) to the various government scheme beneficiaries.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
