Banking Awareness Archive
Deposit Insurance for Bank Deposits- DICGC and Banks
Deposit Insurance and Credit Guarantee Corporation (DICGC) offers insurance protection for deposits up to Rs. 5,00,000 held in same ownership/right in each bank. Deposits in same capacity held in different branches of same bank or different
24 Jul 23
CategoryBanking Awareness, Everything About, Regulators & Institutions
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M-POS (Mobile Point of Sale) & Digital Banking
M-POS or Mobile Point-Of-Sale terminal is a smartphone or tablet equipped with an application/ software provided by a vendor to convert it as a POS terminal. A dedicated wireless device that performs the functions of a cash
19 May 20
CategoryBanking Awareness, Digital Banking Products, Everything About
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Types of Point Of Sale (POS)Terminals
Point Of Sales terminals (POS Terminals) have played a key role in promoting payment card based transactions in India thereby catalysing migration to digital channel payments and digital banking. Today, all banks in India promote transaction through
e-KYC – Electronic Know Your Customer process
e-KYC is an electronic way of carrying out the Know Your Customer (KYC) process. The e-KYC process is completed through an authentic real time method using Aadhaar Authentication by the customer. It is a simple paperless way
Cheque Truncation Systems (CTS)
Cheque Truncation System (CTS) is the process whereby the image of cheque or instrument is used for clearing the fund instead of handing over the physical instrument. Clearing system in India had been functioning based on the
National Financial Switch (NFS)
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. Thus, NFS functions as the backbone of Indian ATM network. NFS was designed and implemented by the Institute for Development and
30 Apr 20
CategoryBanking Awareness, Digital Banking Products, Everything About
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APBS & AEPS (Aadhaar Payment Bridge System & Aadhaar Enabled Payment System)
Aadhaar Payment Bridge System (APBS) and Aadhaar Enabled Payment System (AEPS), leverage the power of the unique Aadhaar number issued by UIDAI (Unique Identification Authority of India). AEPS and ABPS were introduced by NPCI for payment services.
29 Apr 20
CategoryBanking Awareness, Digital Banking Products, Everything About
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National Automated Clearing House (NACH) & Electronic Clearance Service (ECS)
National Automated Clearing House (NACH) is a web based solution implemented by National Payments Corporation of India (NPCI) for addressing recurring, interbank, high volume electronic transactions. It is an improved and much efficient version of Electronic Clearance
28 Apr 20
CategoryBanking Awareness, Digital Banking Products, Everything About
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Immediate Payment Service (IMPS)
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
CategoryBanking Awareness, Digital Banking Products, Everything About
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Digital Channel Enablers for Payments and Settlements
Digital channel enablers worked miracles in India and succeeded in making digital banking transactions the first choice for payments and settlements. Competition among banks to delight customers through better banking experience popularised the digital channels and digital