Electronic funds transfer Current Affairs, GK & News

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 for customers from 8 AM to 7 PM on all working days of the week ..


PhonePe partneres with Indian Oil Corporation Limited for deployment of PoS terminals

PhonePe, the online payment service provider, has partnered with Indian Oil Corporation Limited (IOCL) to deploy its own Point of Sale (POS) payment terminals across all IOCL retail outlets nationally. As part of the pilot program, PhonePe PoS devices have already been installed at 30 IOCL outlets. The device will allow IOCL customers to pay ..


Umag app launched by Prime Minister Narendra Modi for government services

Prime Minister Narendra Modi has launched Umang mobile application, an integrated platform for government to citizen services, on November 23, 2017. The acronym of Umang stands for ” Unified Mobile Application for New-age Governance”, which has been developed by the Ministry of Electronics and Information Technology (MEITY). Currently, the app will host around 162 services ..


Andhra Pradesh state power discoms become India’s first state-owned discoms to accept payments through Bharat QR

Andhra Pradesh’s Eastern Power Distribution Company Ltd (EPDCL) and the Southern Power Distribution Corporation of AP Ltd. (SPDCL) have become the India’s first state-owned distribution companies to accept payments through Bharat QR. The Bharat QR is the world’s first interoperable quick response code acceptance solution launched by the Reserve Bank of India (RBI). It is ..