The Indian Financial Network (INFINET) is a Closed User Group (CUG) Network for the exclusive use of Member Banks and Financial Institutions. It was set up by the Reserve Bank in 1999 through the Institute for Development and Research in Banking and Technology (IDRBT) Hyderabad. The Institute explored capability, methods, procedure to expand the network…
In Supersession of earlier BBPS-related guidelines/circulars, RBI on Friday (March 1, 2024) issued the new Directions hereinafter specified. These Directions shall be applicable from April 01, 2024. The provisions of the new Directions shall apply to NPCI Bharat Bill Pay Limited (NBBL) a wholly owned subsidiary of the National Payments Corporation of India); and All…
Edited and re-posted on 03.05.2025.: 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…
Debit cards are issued by banks by linking it to inddividual custmers like SB/Current account holders,(in case of properietory concerns of Current Account/Cash Credit account,card will be issued in the name of the proprietor). The debit cards are akin to credit cards; the only difference is that the debit card holders do not enjoy credit…
Banks are issuing credit cards to their customers as well as to general public. The bank on receipt of application from individuals for credit cards, process the same and decides about issuing the cards and fixing credit limit on the basis of the creditworthiness of the customers.The credit cards are issued in the form of…
A 2-in-1 account refers to a financial product that integrates a Demat (Dematerialized) account with a trading account, thereby streamlining the process of buying and selling securities. This consolidated arrangement allows investors to deposit funds, manage securities, and execute trades through a single platform, enhancing convenience and operational efficiency. In banking terminology, the term “2-in-1…
The major difference between wholesale banking and retail banking is in the type of clientele. Retail banking, also known as consumer banking, refers to the offering of banking services to individuals and lower-tier businesses. Services offered in retail banking related both on deposits as well as loans and advances. Deposit products avail retail customers are…
A debenture is a debt instrument issued by a company, acknowledging its obligation to repay the borrowed amount at a specified interest rate. It serves as one of the primary means through which a company raises loan capital. Although the funds raised through debentures become part of the company’s capital structure, they do not constitute…
The Credit Information Companies (Regulation) Act, 2005 is an Act to provide for regulation of credit information companies and to facilitate the efficient distribution of credit and for matters connected therewith or incidental thereto. The Reserve Bank of India and the Government of India have enacted the Credit Information Companies Regulations, 2006 (“Regulations”) and the…
A Credit Information Company (CIC) is an independent third-party agency registered under CIC laws that collects financial data of individuals about their loans, credit cards, and other related information and shares it with its members, who generally happen to be banks and other financial institutions. The Credit Information Companies (Regulation) Act, 2005 (“CIC Act”), is…