Today (August 29, 2019)RBI notified to all the Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /State Co-operative Banks / District Central Co-operative Banks /All Authorised Card Networks with regard to Point of Sale transaction. The Banking Regulator said that it has come to their notice that many banks are not following in letter…
Tokenisation is a process by which actual card details masks sensitive card details of your debit / credit / prepaid card with an alternate code. This process by which the primary details of a card are replaced with a surrogate value is called a token. A tokenised card transaction is considered safer as the actual…
Effective from September 1, 2019, your credit card, debit card, prepaid payment instruments or e-wallets can be used to give standing instructions for recurring transactions of merchant payments. The Reserve Bank of India notified on August 21, 2019 that the card holders can provide e-mandate on cards for simple/automatic recurring transactions to the merchants. No…
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…
Safe deposit lockers are specially designed lockers which are generally kept at specially built strong rooms for keeping the valuable of hirer. In India safe deposit lockers are available in most of the Bank branches. These lockers of different sizes like small, medium, large, extra-large are purchased from reputed manufacturers to suit the needs of…
The nominations made by locker hirer or there is a survivor clause in joint operation of the locker, such nomination or survivorship would facilitate expeditious release of articles in lockers to hirer’s nominee/s. Here we will go through the procedure (1) where there is survivor / nominee clause (2) where there is no survivor /…
The provisions of nomination are found in various financial products like Life Insurance, Provident Fund, Gratuity, Co-operative societies and banking regulation acts (section 45ZC to 45 ZF) and Banking companies (Nomination) rules 1985 and the relevant provisions of Indian Succession Act. Nomination facility is available only to individual depositors and not to any person in…
Mobile phone banking is a new revolution in banking system around the world. The mobile banking has several advantages; such as you can do internet banking, online shopping, and bills payment, or transfer of the amount to another account in a secure manner. With the advent of mobile phone banking, mobile phones are gradually replacing your…
The payment and settlement system in India is governed by the Payment and Settlement Systems (PSS) Act, 2007. According to definition of PSS Act 2007, Payment System means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them. This includes the…
The appearance of a smart card is akin to a credit card in size and shape. It is a plastic card embedded with microprocessor chip or memory chip. The microprocessor embedded under a gold contact pad on one side of the card can be compared to minicomputer. When the chip is processed by a chip…