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RBI to set new QR code rules to change payment picture of India
The Reserve Bank of India recently ordered payment system operators (PSO) from launching new proprietor QR code for transactions. The apex Bank asked the PSOs switch to at least 1 interoperable QR code. This is to to use the same ..
Month: Current Affairs - October, 2020
NPCI International Payments Limited (NPIL): set up by NPCI for international market operations
The National Payments Corporation of India has set up ‘NPCI International’ to operate its international market of Unified Payment Interface, instant payment service, and its electronic payment card scheme RuPay. What is the function of NPCI? The National Payments Corporation ..
Month: Current Affairs - August, 2020
RBI formulated new regulations framework for Umbrella entity for retail payments
The Reserve Bank of India formulated a new framework for the establishment of a new umbrella entity for retail payments. According to RBI, the entity will be handed over the responsibility of setting up, managing, and operating new payment systems ..
Month: Current Affairs - August, 2020
UPI transactions at record 1.49 billion in July
In the first such case, the Unified Payments Interface based transactions have reached the highest ever tally of 1.49 billion in the month of July whereas the total value of transactions has reached the lifetime high of Rs 2.9 lakh ..
Month: Current Affairs - August, 2020
E-Nam: 200 new Mandis integrated
On May 1, 2020, around 200 Mandis were added to the E-NAM platform. The mandis were from 7 different states. They were joined through a video conference held by the Union Minister of Agriculture Shri Narendra Singh Tomar. Highlights The ..
Month: Current Affairs - May, 2020
RBI expands coverage of Bharat Bill Payment System
In a consumer friendly initiative, Reserve Bank of India (RBI) has expanded the scope and coverage of Bharat Bill Payment System (BBPS) to include all categories of billers who raise recurring bills and payments (except prepaid recharges) as eligible participants, ..