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Kotak Mahindra Bank becomes first Destination Bank to launch debit card-based e-mandate on NPCI’s API platform
The Kotak Mahindra Bank (KMB) has become the first Destination Bank to go live with Net Banking and Debit Card-based authentication solution on NPCI’s e-Mandate API platform. The facility will enable its customers to create electronic mandates (similar to the ..
ETMONEY becomes India’s first financial services app to integrate UPI
ETMONEY, India’s largest app for financial services has integrated UPI (Unified Payment Interface) as a payment method on its platform as it looks to double its monthly user base by the end of the year. The integration of UPI will ..
Zimbabwe introduces its new currency ‘RTGS dollar’
Zimbabwe has recently introduced its new currency, dubbed as Real Time Gross Settlement (RTGS) dollar, after the Reserve Bank of Zimbabwe (RBZ) announced measures to try and resolve a chronic monetary crisis. The new currency replaces electronic bank savings called ..
Payment Banks
Payments banks are a new model of banks conceptualised by the Reserve Bank of India (RBI) to meet government’s financial inclusion target. It will be set up as a differentiated bank and will confine its activities to acceptance of demand ..
SBI allows depositors to withdraw cash from its Point of Sale (PoS) devices
In a bid to ease the cash crunch, the State Bank of India (SBI) has decided to allow depositors to withdraw cash from its Point of Sale (PoS) devices available with merchants. This “Cash@POS” facility will be available for customers ..
Month: Current Affairs - April, 2018
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 ..