How IFSC code number of a bank branch is used for electronic money transfer?
IFSC is a short form for Indian Financial System Code. Usually, this code can be found on the passbook and the cheque leaves provided by the bank. IFSC Code is significant to transfer funds online between banks in India. It enables instant fund transfer through modes such as NEFT/ RTGS and IMPS, thus providing safety…
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What is a MICR code on a cheque leaf?
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…
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What is National Common Mobility Card (NCMC)?
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…
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Dropped rate of Sovereign Gold Bonds
The subscription for the twelfth tranche of the Sovereign Gold Bonds (SGBs) scheme, the 2020-21 Series XII, opens March 1, 2021, and will close on March 5. The SGBs will be allotted on March 9. Issue price : Rs 4,612 (per gram of gold) for those investors applying online and the payment against…
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RBI extends the deadline to apply for an umbrella entity till March 31
The RBI on Friday (Feb 26) extended the deadline to apply for an umbrella entity, which the central bank wants to set up to focus on retail payments system in the country, by over a month to March 31 in view of the pandemic. In August last year, RBI invited applications from desirous entities by…
The current inflation target is precise for the next five Years: RBI
Today, the Report on Currency and Finance (RCF) for the year 2020-21 was released by the RBI. The central bank has sought to retain its current inflation target of 4%, with a two-percentage-point latitude on either side, seeking to build confidence in the broader economy that is still prone to both supply shocks and sudden…
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