National Payments Corporation of India (NPCI) introduced the Aadhaar Enabled Payment System (AePS) in 2016 as a new method for direct benefit transfers from the government to the citizens, plugging leakages in the system. AePS, a “bank-led model”, is claimed to bring people living in underserved parts of the country into the fold of the formal banking system. Usin…National Payments Corporation of India (NPCI) introduced the Aadhaar Enabled Payment System (AePS) in 2016 as a new method for direct benefit transfers from the government to the citizens, plugging leakages in the system. AePS, a “bank-led model”, is claimed to bring people living in underserved parts of the country into the fold of the formal banking system. Usin…