Axis Bank Ltd.

Axis Bank, India’s third largest private bank, has unveiled the Aadhaar based eKYC mode of account opening service aimed at financial inclusion customers (NREGS beneficiaries & Pensioners) in Adilabad district of Andhra Pradesh. The bank has become the first bank in India to offer paperless account opening services through MicroATMs. 

The customers can approach the bank’s Business Correspondents, who in turn will access MicroATM - a biometric handheld device, to open Aadhaar based account through eKYC. Upon successful biometric authentication on MicroATM, customers will be provided their bank account number instantly through the transaction slip. The account will get activated within 24 hours in the bank’s CBS and the customer is ready to receive Government’s Direct Benefit Transfer (DBT) payments through Aadhaar Payments Bridge System (APBS) and withdraw entitlements through Aadhaar Enabled Payment System (AEPS). The MicroATM service can be used for both enrolments and disbursements.

The service will reduce the turnaround time of opening an account from 7 – 10 days to 1 day and provide an easy, convenient and seamless on-boarding experience to customers.   Bank has tied up with National Payments Corporation of India (NPCI) and Unique Identification Authority of India (UIDAI).