MICR is an acronym for Magnetic Ink Character Recognition. The technology of MICR is primarily used by the banking industry to facilitate the processing of cheques. The MICR code is located on the bottom of a cheque leaf. The code line in a cheque is the clear White Band portion at the bottom of the…
An international financial services centre (IFSC) caters to customers outside the jurisdiction of the domestic economy, dealing with flows of finance, financial products and services across borders. The IFSC brought back the financial services and transactions that are earlier carried out in offshore financial centres by Indian corporate entities and overseas branches/subsidiaries of Financial Institutions…
National Common Mobility Card (NCMC) was launched in March 2019, with the tagline ‘One Nation One Card’. It is a single combo card offering a combination of a Debit / Credit with a prepaid card. A customer holding an NCMC card needs not to carry multiple cards with him for using the different purposes. The…
The subscription for the twelfth tranche of the Sovereign Gold Bonds (SGBs) scheme, the 2020-21 Series XII, opens March 1, 2021, and will close on March 5. The SGBs will be allotted on March 9. Issue price : Rs 4,612 (per gram of gold) for those investors applying online and the payment against…
The RBI on Friday (Feb 26) extended the deadline to apply for an umbrella entity, which the central bank wants to set up to focus on retail payments system in the country, by over a month to March 31 in view of the pandemic. In August last year, RBI invited applications from desirous entities by…
Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. The central bank has sought to retain its current inflation target of 4%, with a two-percentage-point latitude on either side, seeking to build confidence in the broader economy that is still prone to both supply shocks and sudden…
Aadhaar Payment Bridge (APB) System, that uses Aadhaar number for electronic crediting of government subsidies and benefits in Aadhaar-linked bank account which were earlier mostly done either in cash or cheque. Besides transferring the benefits and subsidies under DBT schemes, the system also serves the goal of financial inclusion and provides an opportunity to the…
BIN is an acronym for Bank Identification Number which is appearing on your debit card, credit card, prepayment card, travel and entertainment cards, airline cards, etc. BIN is a numbering convention developed to identify which particular institution issued a given credit/debit or other cards, and what type of institution it is. BIN is also referred…
The Reserve Bank on Feb 18, 2021(Thursday) came out with Master Direction (Digital Payment Security Controls) Directions 2021, for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments. The provisions of these directions would apply to the Regulated Entities (REs) Viz. Scheduled Commercial Banks, Small Finance Banks, Payments Banks;…
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI). Banking, as well as non-banking transactions, can be performed through a banking correspondent of any bank. Under Aadhaar Enabled Payment System (AePS), the Aadhaar number is used not only to identify the beneficiary but also to authenticate transactions.…