Digital Banking Current Affairs, GK & News

FIRSTAP – India’s First Sticker-based Debit Card

IDFC First Bank, in association with the National Payments Corporation of India (NPCI), recently launched FIRSTAP – India’s first sticker-based debit card. What is a sticker-based debit card? A sticker-based debit card allows the user to make transactions by simply tapping the sticker on near-field communication (NFC)-enabled point-of sale terminal. It can be used to ..

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BHIM App open-source license model

BHIM App open-source license model was announced by the National Payments Corporation of India (NPCI). What is BHIM App open-source license model? Under the BHIM App open-source license model, regulated entities in the UPI ecosystem can get license for accessing source code of the BHIM app. New features that will be included in the application ..

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What are Digital banking units?

75 digital banking units were inaugurated by Prime Minister Modi on October 16, 2022. Key facts In the Union Budget 2022-23, the Indian Government announced the setting up of 75 Digital Banking Units (DBUs) in 75 districts across India by the Scheduled Commercial Banks. The launch commemorates the 75th anniversary of Indian independence. A digital ..

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RBI Concept Note on CBDC

On October 7 this year, the Reserve Bank of India launched a concept note to raise public awareness about central bank digital currency (CBDC). Key facts The recently released concept note discusses key considerations like technology and design choices, possible uses of digital rupee, issuance mechanisms and other such topics. The purpose of the concept ..

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Implementation of Card Tokenization

The tokenization of card-based payments will be implemented from October 1, 2022. Key facts The Reserve Bank of India has announced that it will not extend the October 1 deadline for the implementation of the card tokenization. The deadline has been extended twice previously. Around 35 crore tokens have already been created and in September, ..

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What are NITI Aayog proposals for regulation of Digital Banks?

On July 20, 2022, NITI Aayog released a report on digital banks titled “A proposal for Digital Banks in India: Licensing and Regulatory Regime’’ In the report, government’s think tank has provided template and roadmap for licensing and regulatory regime for India.  NITI Aayog prepared this report on the basis of inter-ministerial consultations Important features ..

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