What is a Point of Sale /POS terminal business?
The debit card/credit card/smart card payments are accepted by railways, airlines, malls, hotels, major shops and business establishments. For accepting payments through cards the merchant establishments need a Point of Sale (POS) terminal. The sale transactions made through POS terminal is called Point of Sale (POS) business. The bank which is in ‘Card Payment Acquiring…
Read article
BSBDA (Basic Savings Bank Deposit Account)/ No frill account
The aim of introducing ‘Basic Savings Bank Deposit Account'(BSBDA) is a part of the efforts of RBI to promote ‘Financial Inclusion’ objectives. BSBDA is the new word coined to substitute the nomenclature ‘no-frills’ account. In BSBDA, the account holder gets the basic banking services with minimum common facilities either with nil or very low minimum…
Read article
Benefits under Pradhan Mantri Jan Dhan Yojana (PMJDY)
The Pradhan Mantri Jan Dhan Yojna (PMJDY), a mega financial inclusion scheme, launched by government of India to cover those households who do not have bank accounts at present and belonging to poor section. Special Benefits under PMJDY Scheme The account can be opened in any bank branch or Business Correspondent (Bank Mitr) outlet. Accidental…
Read article
What is the meaning of ‘cooling period’ in collection of foreign currency cheques?
Foreign currency cheques A foreign currency cheque is one in which cheque amount is denominated in foreign currency like US Dollar, EURO, GBP, JPY etc. The personal -cheque, cashier cheque, travellers’ cheque, demand-draft etc. which are denominated in foreign currency are payable/ drawn on a bank outside India. Cash Letter Arrangement For collection of foreign…
Read article
Education loan scheme in India and its benefits
(This article envisages what are the expenses considered for the loan, what will be the quantum of loan and margin, what will be the repayment/holiday, moratorium period, what type of security to be offered, what is a capability certificate, significant tax benefits, etc. ) IBA has revised the guidelines on education loans. Click here to…
What is RuPay card?
RuPay cards are gaining momentum as a domestic card payment network in India. The RuPay cards payment network is similar to international payment card networks like Visa International and MasterCard. The National Payment Corporation of India (NPCI), a Government of India undertaking, has launched RuPay cards in March 2012. Since its inception, this domestic network has started…
Read article