Soon Cheque Truncation System (CTS)for all bank branches in the country

As announced in the Statement on Developmental and Regulatory Policies dated February 5, 2021, RBI today announced that all banks shall have to ensure that all their branches participate in image-based CTS under respective grids by September 30, 2021. “To leverage the availability of CTS and provide uniform customer experience irrespective of the location of…

What is an IFSC and how does it work for the international financial market

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…

Why is Aadhaar Payment Bridge (APB) System required for crediting subsidies?

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…

Do you know how BIN/IIN enables card issuers to issue trillion different account numbers?

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…

What is e-Money?

In India, e-Money is actually the Prepaid instruments (PPIs) issued in the form of Wallets and Cards. Banks, financial institutions or specific entities can issue e-money after obtaining necessary approval / authorisation from RBI under the PSS Act.  E-money is electronically stored electronically in a domestic currency backed by the regulator. The Payment and Settlement…