What does ABRS mean in UNCLASSIFIED
Aadhaar Based Remittance Service (ABRS) is a financial service which enables customers to transfer money from one bank account to another using the unique 12-digit Aadhaar number of the recipient. This service utilizes the existing infrastructure of the Indian government's Unique Identification Authority of India (UIDAI). The ABRS was launched in 2011 and has made transactions safe and secure while reducing costs and increasing efficiency.
ABRS meaning in Unclassified in Miscellaneous
ABRS mostly used in an acronym Unclassified in Category Miscellaneous that means Aadhaar Based Remittance Service
Shorthand: ABRS,
Full Form: Aadhaar Based Remittance Service
For more information of "Aadhaar Based Remittance Service", see the section below.
Essential Questions and Answers on Aadhaar Based Remittance Service in "MISCELLANEOUS»UNFILED"
What is ABRS?
ABRS stands for Aadhaar Based Remittance Service and it is a financial service which allows users to transfer money from one bank account to another safely, quickly and securely using the unique 12-digit Aadhaar number of the recipient.
How does ABRS work?
When a customer wants to send money, they only need to enter their own Aadhaar number in addition to the receiver's Aadhaar number. The transaction will be completed within minutes with no extra fees or charges.
Is ABRS secure?
Yes. All transactions made through ABRS are highly secure as citizens' biometric data is already captured at UIDAI and stored at its servers. As such, no other authorities or agencies can access or tamper with this data.
Does ABRS require special permission?
No special permission is required for individuals who would like to use ABRS for remittance services. All that is necessary is an Indian bank account linked with an individual's Aadhar card, as well as the Aadhar card details of both sender and receiver.
Final Words:
ABRS makes it easier than ever before for customers to transfer funds electronically between bank accounts without having to pay hefty fees or wait days for transfers to process. With more people taking advantage of this groundbreaking technology every day, it looks set to revolutionize how payments are made in India in the years ahead.
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