There are only a few urban cooperative banks in India providing the Aadhaar Enabled Payment System (AEPS) to their customers, and the Telangana-based Gayatri Cooperative Urban Bank is one of them, offering this service for the past three years.
When this correspondent visited the headquarters of the bank in Jagtial, CEO Vanamala Srinivas demonstrated the service and said, “We are the only bank in Telangana providing this service, and very few UCBs offer this to their customers.”
“The AEPS is based on a unique identification number and allows Aadhaar cardholders to seamlessly make financial transactions through Aadhaar-based authentication. It is very convenient for customers, as it not only saves time but is also paperless,” explained Srinivas.
He further added, “This system enhances the ease of banking and promotes financial inclusion by leveraging Aadhaar, making transactions more accessible and efficient for customers.”
Gayatri Cooperative Urban Bank has equipped itself with modern facilities and is planning to launch the ‘Tablet Banking’ service for its customers. “We are all set to launch tablet banking in a couple of months, as a trial is ongoing. We have also written to the RBI for permission to provide Internet Banking,” Srinivas added.