Banks are committed to seed savings bank accounts with the account holder’s Aadhaar number, based on the account holder’s consent.
Aadhaar seeding will help accountholders to do fund transfer through the Aadhaar Enabled Payment System (AEPS) at Banking Correspondent points. Bharat Interface for Money (BHIM) app also supports pay to Aadhaar number mode. Further, Direct Benefit Transfer (DBT) can be made to eligible seeded accounts.
As per reports received from public sector banks, Regional Rural Banks and 13 private sector banks, there are 110.03 crore individual, operative savings bank accounts (including Pradhan Mantri Jan Dhan Yojana accounts) with Aadhaar number seeded in 52.95 crore accounts.
The overreaching aim and objective of seeding is enabling delivery of basic financial services.