NEFT Current Affairs, GK & News
NEFT, RTGS facility for Post Office Savings Account
The Department of Post has recently rolled out the NEFT and RTGS facility for Post Office Savings Bank Account (POSB) holders. The NEFT facility has been made available from May 18th, 2022, whereas the RTGS facility will be available from May 31st, 2022. What are the benefits? With the launch of the service, Post Office ..
Month: Current Affairs - May, 2022
Category: Banking Current Affairs
Topics: IPPB • NEFT • POSB • Real-Time Gross Settlement (RTGS) • RTGS
Legal Entity Identifier System
The Reserve Bank of India recently announced the introduction of Legal Entity Identifier System. What is Legal Entity Identifier System? The Reserve Bank of India introduced the Legal Entity Identifier system for all payment transactions of fifty crores and above through NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement). The system is ..
Month: Current Affairs - January, 2021
Category: Legal & Constitution Current Affairs
Topics: 2008 financial crisis • Legal Entity Identifier • NEFT • Payment and Settlement Systems Act • Reserve Bank of India (RBI) • RTGS
Finance minister: MDR charges not applicable for RuPay and UPI from 2020
On December 28, 2019, Finance Minister Nirmala Sitaraman announced that Merchant Discount Rate (MDR) will not be applicable on bank transactions made through RuPay and UPI platforms. Highlights The Finance Ministry has directed the banks to start campaigns to popularize UPI and RuPay debit cards. Also, the banking companies with an annual turnover more than ..
Topics: BHIM • Debit cards • Digital currency • digital economy • Merchant Discount Rate • NEFT • QR code • Union Finance Minister
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 ..
Topics: Banking • Banking in India • E-commerce in India • Economy • Electronic funds transfer • Financial services • National Electronic Funds Transfer • NEFT • Payment and settlement systems in India • Payment system • Real Time Gross Settlement • Reserve Bank of India • RTGS • Wire transfer
RBI Report pushes for Digital Transactions
The Reserve Bank of India (RBI) report Payment and Settlement: The Plumbing in the Architecture of India s Financial System makes the following observations about digital payments: India s effort to build a less-cash economy is gathering momentum. Digital transactions have witnessed phenomenal growth in digital transactions until March 2019. RBI has set an ambitious ..
Category: Economy & Banking Current Affairs - 2022
Topics: Digital transactions • Mobile Wallets • NEFT • Payment systems • RBI • Reserve Bank of India • RTGS • Unified Payment Interface • UPI
RBI Monetary Policy review: Repo rate lowest since 2010
The Reserve bank of India (RBI) in its bi-monthly monetary policy review reduced repo rate by 25 basis points to 5.75% from current 6.0% with immediate effect. This is RBI’s third cut this year and has reduced Repo rate at lowest since 2010. Key Highlights With Repo Rate adjusted to 5.75%, consequently Reverse Repo Rate ..
Month: Current Affairs - June, 2019
Category: Economy & Banking Current Affairs - 2022
Topics: Bank rate • Cash Reserve Ratio • CRR • Digital India • GDP Growth Rate • LAF • Liquid Adjustment Facility • Marginal Standing Facility • Monetary Policy Committee • MSF • NEFT • RBI Bi-monthly Monetary Policy Review • RBI Governor Shaktikanta Das • Repo Rate • Reserve Bank of India • Retail inflation forecast • Reverse Repo Rate • RR • RTGS