Digital Banking Products Archive

Indian Payment Systems – An overview

Indian payment systems, digital channels, RuPay,RuPay Secure, Card systems, Immediate Payment System, IMPS, Unified Payment Interface, UPI, National Automated Clearing House, NACH, Aadhaar Enabled Payment System, AEPS, Cheque Truncation System, CTS, National Financial Switch, NFS, RTGS, NEFT, Bharat Bill Payment System, BBPS
Indian payment systems and settlements have traditionally been revolving around physical cash. Subsequent to nationalisation of banks, paper based instruments like cheque, draft and other negotiable instruments started receiving acceptance among public. There has been a rapid
27 Apr 20 Author CategoryDigital Banking Products, Quick Reference No Comment Read More

Payment Systems and Classifications

Payment system, classification, financial transactions, settle, debit cards, credit cards, electronic funds transfers, mobile wallets, smartphone, CHIPS, CHAPS, BACS, ECS, NACH, CTS, NEFT, RTGS
Payment system is a system or method adopted to settle financial transactions through the transfer of monetary value. The system enables cash equivalents to be used for settlements in domestic and international transactions in lieu of physical
26 Apr 20 Author CategoryDigital Banking Products, Quick Reference No Comment Read More

Immediate Payment Service (IMPS)

IMPS, Immediate Payment Service, push payment, pull payment, NPCI, real time, payments and settlements, 24X7X365, SMS, USSD, WAP, NEFT, RTGS, online banking, mobile banking, digital channel, digital banking, MMID, MPIN, P2A, P2P, ABRS,
Immediate Payment Service (IMPS) is a robust and real time payment service that has transformed the payments and settlements systems in India. The facility was launched by the National Payments Corporation of India (NPCI) on 22nd November,
23 Apr 20 Author CategoryBanking Awareness, Digital Banking Products, Everything About No Comment Read More

Do Banks Offer Free ATM Transactions?

Free ATM Transaction, Metro location, non-metro, financial, non-financial, on-us, off-us, cost, atm centre, security, RMS,
ATMs have become the face of digital banking in India. The Reserve bank of India (RBI) has stipulated minimum number of free ATM transactions to be provided by banks to their savings bank customers. This has been
17 Jan 19 Author CategoryBanking Awareness, Banking Products & Schemes, Digital Banking Products No Comment Read More

Automated Teller Machine –Services and Precautions

Automated Teller Machines, PIN, ATM, BLA, WLS, Service, transaction, PIN , EMV Chip, magnetic stripe card, Personal Identification Number, operations
Automated Teller Machines were the first step in the digital journey of banking system in India. In a short span of time, ATMS became very popular. As of now, more than 2,40,000 Automated Teller Machines are deployed
16 Jan 19 Author CategoryBanking Awareness, Banking Products & Schemes, Digital Banking Products No Comment Read More

ATM – White Label & Brown Label ATMs

ATM, Automated Teller Machine, Brown Label, White Label, WLA, BLA, Card, Lost, Stolen , ON-Us, Off-Us, Transaction, net work, digital banking
Automated Teller Machine (ATM) is a computerized machine that extends transaction facility to the customers of banks, without visiting branches. Customers can access their account, withdraw cash and carry out a number of other transactions by visiting
15 Jan 19 Author CategoryBanking Products & Schemes, Digital Banking Products No Comment Read More

Real Time Gross Settlement (RTGS) & NEFT

RTGS, Real Time Gross Settlement, NEFT, Positive confirmation, National Electronic Funds Transfer, advantages, digital banking
RTGS stands for Real Time Gross Settlement. It is a system for fund transfer where the settlements are taking place on real-time in a continuous manner. Transactions are settled individually on a transaction by transaction basis. 'Real
20 Dec 18 Author CategoryBanking Awareness, Digital Banking Products, Everything About No Comment Read More

Features of PPIs:- Semi- closed, Open System, Gift and MTS

Features of PPI, closed, semi-closed, open system, prepaid payment instrument, digital banking, payment card, PPI-MTS, Mass Transit System, Gift PPI, KYC Complaint PPI, minimum detail PPI
  Prepaid Payment Instruments (PPIs) can be broadly classified under three types; closed, semi-closed and open system PPIs. Features of PPIs vary based on the type of PPI. Cash withdrawal is permitted only in the case of
19 Dec 18 Author CategoryDigital Banking Products, Everything About No Comment Read More

Cross Border Transactions and PPIs

Cross border transaction, inward, outward, PPI, Prepaid payment instrument, Money Transfer Service Scheme, MTSS, KYC, FEMA, current account transaction, LRS,
PPI (Prepaid Payment Instrument) is permitted to be used for cross border transactions for permissible current account transactions.  A Cross Border Transaction or International Transaction is a transaction relating to international trade between two or more entities
18 Dec 18 Author CategoryDigital Banking Products, Forex, Remittances, NRE No Comment Read More

Prepaid Payment Instrument(PPI) and Digital Banking

Prepaid Payment Instrument (PPI) is a component of digital banking and promotes cashless transactions. Closed, semi closed and open system PPIs exists.
Prepaid Payment Instrument (PPI) is basically a payment card.  The purpose of PPI is facilitating cashless transactions and hence is an important component of digital banking. Prepaid Payment Instruments facilitate purchase of goods and services against the
17 Dec 18 Author CategoryDigital Banking Products, Everything About No Comment Read More