New RBI Guidelines on Nomination Facility in Bank Accounts and Lockers (Effective November 1, 2025)
The Reserve Bank of India (RBI) has issued new guidelines titled “Reserve Bank of India (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025.” These guidelines aim to make it easier for family members or legal heirs to claim money or valuables from banks in…
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Point of Sale (POS) Systems and Card Payment Mechanisms in India
Introduction The increasing adoption of digital payment systems has significantly transformed the retail and service sectors in India. Among various electronic payment modes, **card-based transactions**—through debit cards, credit cards, and smart cards—have become particularly widespread. These payment methods are now accepted by a broad range of establishments including railways, airlines, malls, hotels, and retail outlets.…
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What is Payment and Settlement System?
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…
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Nomination facility for bank accounts/NSC/LIC/Mutual Funds/PPF explained
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 the Indian Succession Act. The nomination facility is available only to individual depositors and not to any…
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Para Banking & other Agency Services provided by Banks
Acceptance of deposits and maintenance of deposit accounts is the core activity in any bank. Para banking activities are the activities carried out by the bank which are apart from its normal day-to-day activities. Banks can undertake certain eligible financial services or para-banking activities either departmentally or by setting the subsidiaries. Some examples of the para-banking…
Inside the POS Terminal Business: Technology, Operations, and Market Dynamics
A Point-of-Sale (POS) terminal is a vital tool that enables businesses to accept payments from customers at the point of purchase. Beyond facilitating transactions, POS systems also capture sales data and may include functionalities such as barcode scanning, receipt printing, and payment processing. These systems can be either physical devices (e.g., card readers) or software-based…
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