In the Statement on Developmental and Regulatory Policies on October 8, 2021, the Reserve Bank of India announced that the transaction limit of Immediate Payment Service (IMPS) to be increased to ₹5 lakh. “In view of the importance of the IMPS system in the processing of domestic payment transactions, it is proposed to increase the…
The National Payments Corporation of India (NPCI) has introduced detailed guidelines for banks to redress frauds perpetrated on customers and merchants where a misuse or an error in biometric data or UIDAI seeding on Aadhaar Enabled Payment System (AePS) have led to a loss of funds. The new rules effective from September 1, determines with…
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. Linkage of these two fast payment systems is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore and closely…
Your Permanent Account Number or PAN is an important document required to you to file your income tax return (ITR). In case you have lost or misplaced your PAN card, there is a provision of issuing instant e-PAN card by the Income Tax Department at their new income tax portal. There is also a facility…
Updated on June 15, 2021 The Bharat Bills Payment system is an interoperable platform for repetitive bill payments, currently covers bills of five segments viz. Direct to Home (DTH), Electricity, Gas, Telecom, and Water bills. RBI on September 16, 2019, notified that it has been decided to expand the scope and coverage of BBPS to…
Updated and re-posted on 11.06.2021 Automated Teller Machines (ATMs) are the alternative banking channels available to bank customers primarily for withdrawal of cash. The money can be withdrawn from ATM at any point of time round the clock convenient to the bank customers. The Automatic Teller Machines are generally identified as White Label, Brown Label,…
Digital payment methods are a good alternative to traditional methods of cash payment and speeden up transaction cycles from person to person, person to business, person to government, Government to person,business to business, business to Government etc. The Global report of US-based payment systems company ACI on payment trends states that in the year 2020…
NPCI is an umbrella organisation for operating retail payments and settlement systems in India, under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India. It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956…
The state-of-the-art payment service *99# works on the Unstructured Supplementary Service Data (USSD) channel. This service allows mobile banking transactions using the basic feature of mobile phones, there is no need to have a mobile internet data facility for using USSD based mobile banking. The above service is intended to take the banking services to…
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…