On December 28, 2019, Finance Minister Nirmala Sitaraman announced that Merchant Discount Rate (MDR) will not be applicable on bank transactions made through RuPay and UPI platforms. Highlights The Finance Ministry has directed the banks to start campaigns to popularize UPI and RuPay debit cards. Also, the banking companies with an annual turnover more than ..
BHIM: GK, Current Affairs, Questions, Trivia and News
To further encourage people to use digital payments as the preferred mode of their transactions, the Union Budget has announced the following measures to make digital payments successful- A 2% tax deduction at the source is proposed for all cash withdrawals exceeding Rs 1 crore in a year from a bank account. To encourage a ..
The BHIM Aadhaar platform and application seek to minimize the role of plastic cards and point of sale machines, which hitherto are believed to be essential for cashless transaction. Under this, a customer has to link his bank account with his Aadhaar number. As of now, around 40 crore bank accounts are already linked to ..
Dilip Asbe has been appointed as the new Managing Director and CEO of National Payments Corporation of India (NPCI). Prior to this, Asbe was CEO-in-charge of NPCI. He succeeded A.P.Hota, who retired in August 2017. Asbe has been in the NPCI since its inception and has played a pivotal role in designing, building, operationalising and ..
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 ..
Arun Jaitley, the Union Finance Minister, has launched Google’s UPI-based digital payment service ‘Tez’ in New Delhi. The app that will let users link their phones to their bank accounts to pay for goods in physical stores and online. It is available for both Android and iOS users that allows person-to-person money transfers. Google Tez ..
Tata Power has become the first power utility to introduce a QR code based bill payments system in India. The QR code linked to Unified Payments Interface (UPI) will be printed on the electricity bills. The customers can scan the QR code with BHIM app or any other UPI linked bank app and pay their ..