Credit Cards Guidelines issued by RBI
Banks in India with a net worth of `100 crore and above can undertake credit card business either departmentally or through a subsidiary company set up for the purpose. They can also undertake domestic credit card business by entering into tie-up arrangements with one of the banks already having arrangements for the issue of credit…
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Explained: Operational aspects of credit cards
A Credit card holder is the customer, or consumer, who is using the card for payment or cash withdrawal. Credit card holders can also add authorized users to their account. The authorized user can make purchases, but the primary holder is still responsible for the debt. Credit card issuer: Financial institutions, usually banks and NBFCs,…
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Explained: Mail Transfer and Telegraphic Transfer
Mail transfer and telegraphic transfer (TT) are used to send money to accounts of the customers of the same bank from one place to another. Though increasingly convenient earlier; mail transfers and Telegraphic transfers are slowly getting outdated because of their slow processing periods. Now, customers have instant banking solutions like anywhere banking (AWB) of…
Read article Demand Draft (DD) and Banker’s cheque (BC): The difference
A demand draft (DD) is a pre-paid instrument that allows a bank customer to transfer money to another individual or business at a different destination. The demand draft is originated at one branch of a bank drawn at another branch of the bank ordering to pay a sum of amount to the individual/business entity or…
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UPI ATM: Check how to withdraw cash from ATM without debit card
Bank customers can now withdraw cash from ATMs without using physical cards. Even if you do not hold debit cards from your bank, still you can easily use this facility to withdraw money. Multiple banks in India have introduced interoperable cardless cash withdrawal (ICCW) enabled ATMs. The cash withdrawal transaction will be facilitated through a…
RBI permits prepaid wallets, cards for public transports without KYC
RBI today notified Amendment to Master Direction on Prepaid Payment Instruments. As per the revised guidelines, the various types of PPIs that banks and non-banks can issue after obtaining necessary approval/authorisation from RBI. “Public transport systems across the country cater to a multitude of commuters daily. To provide convenience, speed, affordability, and safety of digital…
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