Payment Current Affairs, GK & News
Lok Sabha passes Negotiable Instruments (Amendment) Bill, 2017 on cheque bounce cases
On July 23, the Lok Sabha passed the Negotiable Instruments (Amendment) Bill, 2017 that allows a court hearing a cheque bounce case to direct the drawer — the person who wrote the cheque — to pay interim compensation to the person who filed the complaint. The interim compensation, to be paid within 60 days of ..
Topics: Banking • Business law • Cheque • Cheques • Economy • Financial services • Money • Negotiable instrument • Negotiable Instruments Act • Numismatics • Payment • Payment systems
Canara bank launched two digital products: Bharat QR and Bharat Bill Payment System (BBPS) for online payments
The Canara Bank has recently launched two digital products: ‘Bharat QR’, a platform for payment settlement at merchant locations, and Bharat Bill Payment System (BBPS) is an integrated bill payment system for Net banking customers. The first service is a mobile application, which enables a merchant to accept payments as settlement for sale of goods ..
Topics: Bank • Banking in India • Bharat Bill Payment System • Economy • Financial services • Money • National Payments Corporation of India • Online banking • Payment • Payment and settlement systems in India • Payment systems
Payment Banks
About 40%-50% of India’s 1.25 billion population is eligible to open a bank account, but is still unbanked . In the Union Budget 2014-2015, the finance minister Arun Jaitley announced that RBI will create a framework for licensing small banks and other differentiated banks. The objective of differentiated banks was to serve the niche interests ..
Topics: 32758 • Mobile payment • Money • Payment • Payment systems • Payments bank • RBI • Telecom • Vodafone
Payments in Rupee accepted by Iran
The longstanding issue over the payments for export shipments has been resolved amidst India and Iran. Both the nations have accorded to admit payment in Rupee form, an act that could disengage vast sums pending on both sides. The payment problem with Iran has been resolved with operationalization of the rupee payment mechanism through UCO ..
Month: Current Affairs - March, 2012
Topics: Currency • Economy • Pakistani rupee • Payment • UCO Bank
Validity of cheques, drafts cut to 3 months
From April 1, 2012, the cheques and bank drafts will have a life of just three months instead of the earlier six months. RBI has recently issues a notification that these instruments will have to be presented within three months from the date of issue as it has been brought to its notice by the ..
Month: Current Affairs - December, 2011
Topics: Bank • Banking • Cheque • Cheque clearing • Economy • Financial services • Money • Payment • Traveler's cheque