What is Aadhaar Enabled Payment System (AePS)?
Aadhaar Enabled Payment System (AePS) is a system developed by the National Payments Corporation of India (NPCI)is operational in India since January 2011. The idea of the Government of India coming up with AePS is mainly to help the people from far-off places particularly from villages where banking services are not available. With the help…
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Understanding Bharat Bill Payment System (BBPS)
In Supersession of earlier BBPS-related guidelines/circulars, RBI on Friday (March 1, 2024) issued the new Directions hereinafter specified. These Directions shall be applicable from April 01, 2024. The provisions of the new Directions shall apply to NPCI Bharat Bill Pay Limited (NBBL) a wholly owned subsidiary of the National Payments Corporation of India); and All…
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Features of contactless cards
A contactless debit card, also known as a chip card with an embedded radio frequency antenna, uses Near Field Communication (NFC) technology to enable secure transactions by simply tapping the card near a contactless reader. Instead of swiping or dipping the card, a customer can make payments by simply waving or tapping it on a…
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What is a debit card and its advantage?
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…
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What is a Credit card ?
Banks are issuing credit cards to their customers as well as to general public. The bank on receipt of application from individuals for credit cards, process the same and decides about issuing the cards and fixing credit limit on the basis of the creditworthiness of the customers.The credit cards are issued in the form of…
Constraints Faced by Banks in New Product Development
Banks encounter a variety of constraints when developing new products, including technological limitations, fragmented innovation practices, challenges in testing and learning, sluggish performance analysis, regulatory compliance complexities, and resource limitations. For banks operating on legacy core systems, adopting innovative technologies or launching new products can be particularly difficult. These limitations often lead to delays in…
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