Payment and settlement systems in India Current Affairs, GK & News
RBI’s Caution against Carpooling app ‘sRide’
On February 23, 2022, the Reserve bank of India (RBI) cautioned public against carpooling app sRide. Why RBI caution against sRide App? RBI caution against sRide App, stating that this firm was operating a semi-closed pre-paid instrument, without receiving authorization from the central bank, under Payment and Settlement Systems Act, 2007. sRide Tech Private Limited ..
Month: Current Affairs - February, 2022
Category: Economy & Banking Current Affairs - 2022
Topics: Carpooling App in India • Payment and settlement systems in India • Real-time gross settlement (RTGS) systems • Reserve Bank of India (RBI) • sRide App
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
Nandan Nilekani committee submits report on digital payments to RBI
A Reserve Bank of India (RBI) – appointed committee headed by Aadhaar architect Nandan Nilekani submitted its report on promoting digital payments to RBI Governor Shaktikanta Das on May 17. The RBI will examine the recommendations of the committee and will link the action points, wherever necessary, in its Payment Systems Vision 2021 for implementation. ..
Topics: Aadhaar • Banking in India • Economy • Economy of India • Financial inclusion • Financial services • Government of India • Identification • Nandan Nilekani • Payment and settlement systems in India • Reserve Bank of India
RBI releases ‘Payment and Settlement Systems in India: Vision 2019 – 2021’
The Reserve Bank of India (RBI) has released a vision document – Payment and Settlement Systems in India: Vision 2019 – 2021 – with its core theme of ‘Empowering Exceptional E-payment Experience’, for ensuring a safe, secure, convenient, quick and affordable e-payment system. The move comes as the apex bank expects the number of digital ..
Topics: Banking in India • E-commerce in India • Economy of India • Payment and settlement systems in India • Real Time Gross Settlement • Reserve Bank of India
Kotak Bank unveils Debit Card-Based e-mandate On NPCI’s API Platform
Kotak Mahindra Bank has unveiled the first debit card-based authentication solution on National Payments Corporation of India’s e-Mandate API (Application Program Interface) platform. Kotak Mahindra Bank has become the first ever Destination Bank to go live with both Net Banking and Debit Card-based e-mandate authentication. The motive behind this is to allow Kotak customers to ..
Topics: Banking • Banking in India • CNX Nifty • Debit card • Economy • Financial services • Kotak • Kotak Mahindra Bank • National Payments Corporation of India • Payment and settlement systems in India • Payment systems
Private Sector Banks in India
Private Sector Banks refer to those banks where most of the capital is in private hands. In India, there are two types of private sector banks viz. Old Private Sector Banks and New Private Sector Banks. Old private sector banks are those which existed in India at the time of nationalization of major banks but ..
Topics: ING Vysya Bank • Kotak Mahindra Bank • Payment and settlement systems in India • Private Sector Banks in India • Scheduled Banks