APBS full form:
The APBS full form in banking is the Aadhar payment Bridge System. It is a payment method based issued by Institution Identification Number (IIN) and UIDAI on Aadhar number and implement by NPCI. APBS is used for transactions for government agency disbursement of subsidies and benefits under the direct benefit transfer, that is issued by the scheme launched by the Indian government.
For instance, Aadhar Payment Bridge System is used for the transfer of LPG subsidy for Indian citizens directly into the account. The main APBS benefit is to sub-serve the goal of the Government of India (GOI) and using Aadhaar number, the Reverse Bank India in furthering Financial Inclusion by processing government disbursement. This method reduces the leakages and delay of credit subsidies.
Using the Aadhar payment bridge system, the various schemes like NREGA, society security pension, handicapped old age pension, etc are directly send financial details to the beneficiary, these all schemes are issued by the central government and state government.
Process and Advantage of APBS:
The main primary focus of implementing the direct benefits transfer program is to transfer the funds to the people without the problem of shortage of funds sponsored by the state or central government of India. It is a safe and secure method.
Special Features of APBS:
- Institutes like banks can upload and download transaction file easily through web access secure.
- With the help of internet or NPCInet, bank can connect to the NPCI.
- Transaction routing based on Institution identification number.
- Using Aadhar number, the transaction are processed to the destination account of the bank.
- APBS is friendly or supports multiple intraday sessions.
- APB system provide direct corporate access to government agencies and department.
- Online dispute management system also provided.
- This system have ability to handle 10 million transaction per day.
- APB system provide secure and clearing settlement process.
Abbreviation of APBS full form:
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The APBS full form is Aadhar Payment Bridge System. It is a transaction system for transferring money from schemes sponsored by the central or state government of India to the beneficiary.