Interbank networks Current Affairs, GK & News

V G Kannan head of RBI committee to review ATM charges

The Reserve Bank of India (RBI) has constituted a high-level committee under IBA Chief Executive V G Kannan to examine ATM charges and fees by banks amid demands for reviewing the levies. The use of Automated Teller Machines (ATMs) has been growing significantly and there have been persistent demands to change ATM charges and fees. ..

Topics: ATM usage fees • Automated teller machine • Automated teller machines • Economy • Fee • Financial services • Interbank networks • Interchange fee • Money • STAR

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 simplify the mutual fund payment experience for millions of ETMONEY users as the company continues ..

Topics: Banking in India • Debit card • Economy • Financial services • Interbank networks • Mobile payments • Mobile payments in India • Money • NETS • Payment systems • Unified Payments Interface

India Post Payments Bank (IPPB) ties up with FSS to create payments network for unorganized retail

The India Post Payments Bank (IPPB) has partnered with Financial Software and Systems (FSS) to create payments network for unorganized retail. FSS is a payments technology company that enables micro-merchants to accept payments online, or via Unified Payments Interface (UPI), Quick-Response (QR) codes, Aadhaar and IPPB accounts. FSS will also provide merchant management and settlement ..

Topics: Aadhaar • Banking • Banking in India • Economy of India • Financial services • India Post • India Post Payments Bank • Interbank networks • Mobile payments • Mobile payments in India • Payments bank • Unified Payments Interface

BHIM-Aadhar Payment System

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 ..

Topics: Aadhaar • Banking in India • BHIM • Biometrics • Digital currency • Economy of India • Government of India • Identity documents of India • India • Interbank networks • Mobile payments in India • National Payments Corporation of India

Dilip Asbe appointed as new Managing Director and CEO of NPCI

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 ..

Topics: Banking in India • BharatQR • BHIM • Economy of India • Finance • Financial services • Immediate Payment Service • Interbank networks • Mobile payments in India • National Payments Corporation of India • RuPay • Unified Payments Interface

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 ..

Topics: Banking in India • Debit card • Economy • Finance • Interbank networks • Merchant account • Mobile payments • Mobile payments in India • Money • National Payments Corporation of India • Payment systems • Unified Payments Interface