NEFT, RTGS facility for Post Office Savings Account

The Department of Post has recently rolled out the NEFT and RTGS facility for Post Office Savings Bank Account (POSB) holders. The NEFT facility has been made available from May 18th, 2022, whereas the RTGS facility will be available from ..

Month: Current Affairs - May, 2022

Category: Economy & Banking Current Affairs - 2024

Legal Entity Identifier System

The Reserve Bank of India recently announced the introduction of Legal Entity Identifier System. What is Legal Entity Identifier System? The Reserve Bank of India introduced the Legal Entity Identifier system for all payment transactions of fifty crores and above ..

Month: Current Affairs - January, 2021

Current Affairs – Top 10 Terms in News [14 Dec. 2020]

Current Affairs Top 10 Terms in News (December 14, 2020) is a compilation of important terms, jargons and lexicons in news in recent days. Dehing Patkai Wildlife Sanctuary Dehing Patkai wildlife sanctuary is located in Assam. Recently, two elephants, a ..

RBI Monetary Policy Committee Meeting: Key Highlights

The RBI recently held its Monetary Policy Committee meet. During the meet, the Reserve Bank of India has kept the repo rate unchanged at 4%. Repo rate is the rate at which RBI lends to banks. The Reverse Repo Rate ..

Month: Current Affairs - December, 2020

NEFT to be available 24X7

The Reserve Bank of India has announced that the National Electronic Funds Transfer (NEFT) facility will be available round-the-clock basis from December 2019. At present NEFT payment system operated by the Reserve Bank as a retail payment system is available ..

Update : Digital Transactions in India

India’s largest bank, the State Bank of India, has waived the NEFT and RTGS transactions on the payments carried on the internet and mobile banking from July 1. This comes on the heels of an earlier Reserve Bank of India ..