National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed, and deployed with the aim of inter-connecting the ATMs in the country and facilitating convenience banking. The network was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) on December…
The National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian market. It provides an electronic payment facility to customer to make the payments at national, state and city toll plazas by identifying the vehicle uniquely through a FASTag. All lanes…
BHIM (Bharat Interface for Money) is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). BHIM is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties and encourage cashless…
RBI announces issue of the second tranche of the Sovereign Gold Bonds (SGBs) scheme 2021-22. The subscription opens for public from May 24, 2021, and will close on May 28, 2021. Issue price per gram of gold is Rs 4,792 for those investors applying online and the payment against the application is made through digital…
The Central Board of Direct Taxes (CBDT) today extended the due date of filing income tax returns for 2020-21 for individuals till 30 September. CBDT has also extended the ITR filing deadline for companies by a month till November 30.Further, submission of TDS statement for Q4 of FY 2020-21 is extended to 30th June 2021…
In the payment space, third-party service providers are primarily in the form of TPAPs, Payment gateways, and Payment aggregators. Presently, around 200 crore UPI transactions are undertaken each month out of which a sizeable share are originated through the Third Party Application Providers (TPAPs). In the financial space, third-party apps are often connected to a…
Edited and re-posted on 19.05.2021: Prepaid cards also known as virtual cards. They are issued by the banks and non-bank entities against the value paid in advance by the cardholder. As per RBI’s circular dated May 19, 2021, it shall be mandatory for PPI issuers to give the holders of full-KYC PPIs (KYC-compliant PPIs) interoperability…
The resident Indians (individuals, HUFs, Trusts, Universities, Charitable institutions, etc.,) as defined under FEMA Act 1999 are eligible to invest both in a single name or joint name. In the case of joint names, the buying limit applies to the first applicant. The bonds can also be purchased in the minor’s name. Though the tenor…
The Employees’ Deposit Linked Insurance Scheme (EDLI) is an insurance cover provided by the Employees’ Provident Fund Organization (EPFO). The government of India has introduced the Employees Deposit Linked Insurance Scheme (EDLI) in 1976 to help the employees particularly keeping in mind the private-sector employees who may not enjoy any social security benefits as normally…
Above and beyond, normal channels of remittance to India from cross-borders(abroad), there are two more channels for receiving inward remittances, viz. Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS) which are the most common arrangements under which the remittances are received into our country. Rupee Drawing Arrangement (RDA) is a way of transferring…