Banking in India: GK, Current Affairs, Questions, Trivia and News

The Union government to bear MDR charges to promote digital transactions

To promote digital transactions, the union cabinet has recently decided to bear the Merchant Discount Rate (MDR) applicable on digital payments via debit cards, etc., up to Rs 2,000. The MDR applicable on transactions made through debit cards, the Unified Payments Interface (UPI) and Aadhaar-Enabled Payments System (AEPS) up to and including a value of ..

The Union government engages ICICI to enable cashless payments on e-NAM

The Union government has engaged private lender ICICI Bank to enable online payments at 470 mandis integrated with national portal of electronic National Agriculture Market (e-NAM). At present, e-NAM participants are doing payments through traditional ways via bank branches, debit cards and net banking. Now, ICICI Bank will enable BHIM (Bharat Interface for Money) and ..

Axis Bank launches ripple-powered instant payment service for retail and corporate customers

Private sector lender Axis Bank has recently launched instant international payment services using Ripple’s enterprise blockchain technology solution for retail and corporate customers. The bank has launched a service for its retail customers in India to receive payments from RAKBANK in UAE and for its corporate customers in India to receive payments from Standard Chartered ..

Reserve Bank of India (RBI) released its 4th bi-monthly monetary policy statement for year 2017-18

The Reserve Bank of India (RBI) has recently released its 4th bi-monthly monetary policy statement for the year 2017-18. As per the monetary policy statement, the policy repo rate under the Liquidity Adjustment Facility (LAF) has remain unchanged at 6%. The reverse repo rate, at which RBI borrows from banks will continue to be at ..

Rajnish Kumar appointed as new chairman of State Bank of India (SBI)

Rajnish Kumar, the Managing Director of SBI, has been appointed as the new chairman of the State Bank of India (SBI) for a period of three years. He will succeed Arundhati Bhattacharya, whose tern is going to end on October 6, 2017.

B Sambamurthy appointed as new interim chairman of National Payments Corporation of India (NPCI)

B Sambamurthy, the former Director and CEO of the Institute for Development and Research in Banking Technology (IDRBT), has been appointed as new interim Chairman of the National Payments Corporation of India (NPCI). He will succeed M Balachandran, who was Non-Executive Chairman of NPCI from September 23, 2013 till September 20, 2017. Prior to the ..

Airtel Payments Bank become India’s first payments bank to integrate UPI on its digital platform

The Airtel Payments Bank (APB) has become the India’s first payments bank to integrate the UPI on its digital platform. This will add to customer choice and convenience for making secure digital payments to online/offline merchants and making instant money transfers to any bank account in India.

The Reserve Bank of India (RBI) approves Spice Digital to process bill payments under BBPS

The Spice Digital Limited (SDL) has received the final licence from the Reserve Bank of India (RBI), to process bill payments as a Bharat Bill Payment Operating Unit (BBPOU) in the Bharat Bill Payment System (BBPS). The BBPS is a RBI conceptualised system driven by National Payments Corporation of India (NPCI). It is a one-stop ..