New Delhi, Nov 30 (UNI) Private sector lender RBL Bank today said it has become the first bank in India to launch Aadhaar Payment Bridge System (APBS) for micro finance loan disbursements which will facilitate in cashless disbursement in the rural areas. Usage of APBS for micro finance disbursements will help the sector to accelerate the move towards cashless loan disbursements in a space which has been heavily dominated by physical cash, the bank said in a statement. Rajeev Ahuja, Head (Strategy), RBL Bank said, “This unique idea of using an existing government platform for disbursing micro loans is a very big step in the direction of moving towards a cashless society in the rural segment. I am sure many other banks and MFIs will follow this model”. The APBS system can now enable MFIs to disburse loan amounts directly in Aadhaar enabled bank accounts through RBL Bank. APBS has been developed by NPCI mainly to process government subsidies or direct benefit transfer (DBT) to the various government scheme beneficiaries. A P Hota, MD and CEO, NPCI while congratulating RBL Bank for the innovation, said “Loan disbursement through Aadhaar is a novel use of Aadhaar to ensure that the beneficiary can also withdraw the amount with Aadhaar authentication in the field” UNI ASH SB 1403