Activities of Payment gateways and payment aggregators explained
Payments in the online space are facilitated by a number of intermediaries like the payment gateways and payment aggregators. These intermediaries act as the conduit between merchant & customer who is willing to pay for the services availed or the goods purchased. In online payments all the debit and credit transactions are routed through credit…
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Housing Loans for Non-Resident Indians (NRIs)
Non-Resident Indians (NRIs) seeking housing finance in India have access to a variety of loan options offered by commercial banks. These home loans generally carry interest rates starting from approximately 7.35% per annum, which may vary depending on the lending institution, loan type, and individual borrower profile. Interest rates may be either fixed or floating,…
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NACH: Meaning, types and benefits of National Automated Clearing House
Edited and reposted on 11.05.2025 National Automated Clearing House (NACH) is a form of Electronic Clearing Service (ECS) that is available with core-banking-enabled bank branches in India. NACH has primarily two variants viz. ECS Credit and ECS Debit. The facility is used by the bank customers for automatic debit to their account every month to…
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Comparative overview of FCNR (B) and NRE Deposits
FCNR (B) deposits and NRE deposits can be opened by Non-Resident Indians or persons of Indian Origin (PIO) or Overseas Citizens of India (OCI). The difference between FCNR (B) deposits and NRE deposits is that the FCNR-B (Bank) deposits are maintained only in Foreign Currencies term deposits and maturity of these deposits is payable in terms…
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Comparative Overview of CHIPS and CHAPS Payment Systems
IntroductionCHIPS (Clearing House Interbank Payments System) and CHAPS (Clearing House Automated Payment System) are prominent high-value payment systems operating in different jurisdictions. While both facilitate large-value transactions, they differ in terms of currency, geographical scope, settlement mechanism, and typical usage. 1. CHIPS – Clearing House Interbank Payments SystemCHIPS is a U.S.-based electronic payment system primarily…
Understanding Nostro, Vostro, and Loro Accounts in International Banking
IntroductionIn the realm of international banking, the terms Nostro, Vostro, and Loro accounts refer to how banks manage and record cross-border transactions and foreign currency holdings. These accounts are essential for facilitating international trade, currency exchange, and interbank settlements, particularly when banks do not have a physical presence in foreign jurisdictions. The terminology originates from…
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