Fino Payments Bank goes live with NPCI’s AePS three-party cash deposit service

Navi Mumbai-based Fino Payments Bank on Thursday said it has gone live with the National Payments Corporation of India’s (NPCI) Aadhaar-enabled Payment System (AePS) three-party cash deposit (3PCD) service, allowing customers to deposit cash into Aadhaar-linked bank accounts through Fino’s extensive assisted-banking network.

The service was launched by NPCI at the Global Fintech Fest 2026 on September 9. Fino Payments Bank participated as a proof-of-concept acquiring bank and is among the first banks to go live with the service. The initial issuer-side ecosystem includes 10 banks, according to Fino.

Cash deposits across banks through Fino network

Under the new service, a depositor can visit any of Fino Bank’s 20 lakh-plus points across India and deposit cash into an Aadhaar-linked bank account of a registered beneficiary, making the service interoperable across banks.

NPCI unveiled AePS three-party cash deposit at GFF 2026 as part of a broader push to extend assisted banking and financial services beyond traditional bank branches. The model allows cash deposits into another person’s bank account through participating AePS touchpoints, potentially helping customers in rural and underserved areas.

Ketan Merchant, interim CEO, Fino Payments Bank, said the service extends interoperability to cash deposits.

“The innovative offering extends the power of interoperability to cash deposits, allowing any bank’s customer to visit any Fino Bank outlet, to reliably send cash to any Aadhaar linked bank account across the country.”

“It aligns perfectly with our purpose of enabling everyday banking for every Indian,” Merchant said, adding that Fino expects the service to gain traction and “change the way Bharat banks.”

₹10,000 transaction limit, 1% charge

The service has an ecosystem-level limit of ₹10,000 per transaction, with a daily limit of ₹50,000 and a monthly limit of ₹2 lakh. The limits are managed by NPCI. Depositors will be charged 1% of the transaction value, as prescribed by NPCI.

The process involves one-time depositor registration through eKYC at a nominal fee. In the first phase, beneficiaries can be registered using their Aadhaar number, while verification through a one-time authentication code (OTAC) is mandatory before every transaction, even for previously registered beneficiaries.

Fino eyes wider financial inclusion

Fino said its extensive assisted-banking network and last-mile presence position it as a key enabler of the interoperable cash-deposit service.

The bank processed 94.7 crore transactions worth ₹1.11 lakh crore in Q1 FY27, according to the release. Fino also received in-principle RBI approval in December 2025 to convert into a Small Finance Bank, becoming the first Payments Bank to receive such approval.