What is the procedure to be followed on death of a locker hirer?
The nominations made by locker hirer or there is a survivor clause in joint operation of the locker, such nomination or survivorship would facilitate expeditious release of articles in lockers to hirer’s nominee/s. Here we will go through the procedure (1) where there is survivor / nominee clause (2) where there is no survivor /…
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Issuance and Operations of Prepaid Payment Instruments
In terms of the latest amendment to master circular of RBI, the Banks which extend the Prepaid Payment Instruments facility the other entities / ‘employers’ such as unlisted corporates /partnership firms / sole proprietorship / public organizations like municipal corporations, urban local bodies, etc. The above-mentioned employers utilize prepaid payment instruments for onward issuance to…
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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…
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…
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