Why it is so important?
Because it's going to have a positive impact on 7 million SHGs i.e. around 84 million women who save and borrow money in SHG model.
What were the pain points?
➡️For any transactions atleast 2 signatories were required
➡️So they need to visit the bank branch for any sort of banking services and the branch are far from the villages where these SHG operates
➡️Which results in loss of wages (as most of them are daily wage earner), unnecessary travel cost and loss of interest
➡️BC points were not able to serve these customers as dual authentication is required
As NPCI enable dual authentication services in AePS now SHGs can also enjoy
➡️Assisted service delivery
➡️Doorstep banking
➡️Affordability
Pic Credit: - National Payments Corporation Of India (NPCI) AePS_NPCI