MICR is an acronym for Magnetic Ink Character Recognition. The technology of MICR is primarily used by the banking industry to facilitate the processing of cheques. The MICR code is located on the bottom of a cheque leaf. The code line in a cheque is the clear White Band portion at the bottom of the…
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…
National Common Mobility Card (NCMC) was launched in March 2019, with the tagline ‘One Nation One Card’. It is a single combo card offering a combination of a Debit / Credit with a prepaid card. A customer holding an NCMC card needs not to carry multiple cards with him for using the different purposes. The…
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…
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…
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI). Banking, as well as non-banking transactions, can be performed through a banking correspondent of any bank. Under Aadhaar Enabled Payment System (AePS), the Aadhaar number is used not only to identify the beneficiary but also to authenticate transactions.…
Unified Payments Interface (UPI) is a mobile based, 365x24x7 ‘fast payment’ system. Through UPI, users can send and receive money instantly by means of a Virtual Payment Address (VPA) set by the users themselves. The unique feature of VPA based transaction is the secure aspect of UPI architecture as it removes the need for sharing…
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…
National Payments Corporation of India (NPCI) said that it has introduced RuPay Contactless (Offline) feature.The card comes with a reloadable wallet feature where customers can store money to ensure quick and hassel-free transactions compared to regular credit/debit card transactions. The RuPay NCMC (National Common Mobility Card) offline wallet can be used to make ticket payments…
The Reserve Bank of India (RBI) on Thursday released guidelines to make QR codes interoperable to Streamlining QR Code infrastructure. The central bank said payments companies, which use more than one QR code, must shift to one or more interoperable QR codes by 31 March 2022. The above decision was taken by the Central Bank…