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Payments Bank
Payments banks are new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. These banks can accept a restricted deposit, which is currently limited to ₹200,000 per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue ATM cards or debit cards and provide online or mobile banking. Bharti Airtel set up India's first payments bank, Airtel Payments Bank. History On 23 September 2013, Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by Nachiket Mor, was formed by the RBI. On 7 January 2014, the Nachiket Mor committee submitted its final report. Among its various recommendations, it recommended the formation of a new category of bank called payments bank. On 17 July 2014, the RBI released the draft guidelines for payment banks, seeking comments for interested e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of India
The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Nashik (Western India) and Dewas (Central India). RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility Bill
An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice. To avoid confusion and consequent unnecessary communications from buyer to seller, some sellers clearly state in large and capital letters on an invoice whether it has already been paid. From a seller's point of view, an invoice is a ''sales invoice''. From a buyer's point of view, an invoice is a ''purchase invoice''. The document indicates the buyer and seller, but the term ''invoice'' indicates money is owed ''or'' owing. Within the European Union, an invoice is primarily legally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ajit Ranade
Ajit Ranade is an economist, political analyst and reporter based out of Mumbai, India. Currently he is Vice Chancellor of Gokhale Institute Of Politics & Economics Pune. Education He is a PhD in economics from Brown University. He is a B.Tech. in Electrical Engineering from Indian Institute of Technology, Bombay. He is an alumnus of Indian Institute of Management, Ahmedabad. He had been Professor ICRIER, New Delhi and assistant professor at IGIDR, Mumbai. Professional career He is the chief economist of the Aditya Birla Group, an Indian multinational conglomerate. He also served as chief economist at ABN AMRO Bank. He serves as a director on the board of Hindalco Almex Aerospace Limited, a joint venture company of Hindalco and Almex Inc. of US between 2007 and 2011. He was Government of India's nominee as independent director of Multi Commodity Exchange of India Ltd., from 22 September 2007 to 1 April 2010. He has served on various committees of the Reserve Bank of India, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statutory Liquidity Ratio
In India, the Statutory liquidity ratio (SLR) is the Government term for the reserve requirement that commercial banks are required to maintain in the form of cash, gold reserves,Govt. bonds and other Reserve Bank of India (RBI)- approved securities before providing credit to the customers. The SLR to be maintained by banks is determined by the RBI in order to control liquidity expansion. The SLR is determined as a percentage of total demand and time liabilities. Time liabilities refer to the liabilities which the commercial banks are liable to repay to the customers after an agreed period, and demand liabilities are customer deposits which are repayable on demand. An example of a time liability is a six-month fixed deposit which is not payable on demand but only after six months. An example of a demand liability is a deposit maintained in a saving account or current account that is payable on demand. The SLR is commonly used to control inflation and fuel growth, by decreasing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Reserve Ratio
In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts). Cash is seen either as a reserve for payments, in case of a structural or incidental negative cash flow or as a way to avoid a downturn on financial markets. Etymology The English word "cash" originally meant "money box", and later came to have a secondary meaning "money". This secondary usage became the sole meaning in the 18th century. The word "cash" derives from the Middle French ''caisse'' ("money box"), which derives from the Old Italian ''cassa'', and ultimately from the Latin ''capsa'' ("box").. History In Western Europe, after the fall of the Western Roman Empire, coins, silver jewelry and hacksilver (silver objects hacked into pieces) were for centuries the only form of mone ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aditya Birla Payments Bank
Aditya Birla Payments Bank Limited (ABPB) was a payments bank started as a joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular. Launched on 22 February 2018, it is the fourth payments bank to begin operations since issuance of licenses to 11 firms by the Reserve Bank of India in August 2015. Payments Banks are a special category of banks that can accept deposits of up to 2 lakh but cannot give loans or credit cards. On 20 July 2019, Aditya Birla Payments Bank announced that it would be shutting down operations subject to the receipt of requisite regulatory consents and approval. History Aditya Birla Nuvo (now Grasim Industries Limited) was one of the 11 entities to receive an in-principle approval by Reserve Bank of India (RBI) to set-up payments banks in India, in August 2015. Post the in-principle approval, RBI had issued a license to Aditya Birla Payments Bank under Section 22 (1) of the Banking Regulation Act, 1949 to commence with the business of payments bank in A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paytm
Paytm (acronym for "pay through mobile") is an Indian digital payments and financial services company, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through its QR code, point of sale and online payment gateway offerings. In partnership with financial institutions, Paytm offers financial services such as microloans and buy now, pay later to its consumers and merchants. Apart from bill payments and money transfer, the company also provides ticketing services, retail brokerage products and online games. Paytm's parent company, One97 Communications, got listed on the Indian stock exchanges on 18 November 2021 after an initial public offering, which was the largest in India at the time. For the fiscal year 2021–22, Paytm's gross merchandise value (GMV) was reported to be . History Paytm was founded on August 2010 with an initial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jio Payments Bank
Jio Payments Bank is an Indian payments bank, which started operating in 2018 and is owned by Reliance Industries. Reliance Industries was granted an in-principle approval by the Reserve Bank of India (RBI) to establish a new payments bank under the Banking Regulation Act, 1949. It then partnered with the State Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is a 70:30 partnership between Reliance Industries and State Bank of India. History On August 19, 2015 Reliance Industries received a license to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. On November 10, 2016 it registered as a public limited company to set up a payments bank. On April 3, 2018 Jio Payments Bank became the sixth payment bank to commence operations in India. In October 2020, the Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fino Payments Bank
Fino ("refined" in Spanish) is the driest and palest of the traditional varieties of sherry and Montilla-Moriles fortified wine. They are consumed comparatively young and, unlike the sweeter varieties, should be consumed soon after the bottle is opened as exposure to air can cause them to lose their flavour within hours. Flor The defining component of Fino sherries is the strain of yeast known as flor that floats in a layer on top of sherry in the wine barrel. Until the mid-19th century most sherry winemakers did not understand what this yellowish foam that randomly appeared in some of their barrels was. They would mark these barrels as "sick" and relegate them to their lowest bottlings of wine. It turned out that this strain of ''Saccharomyces'' yeast thrived in air, and the more "head room" there was in the barrel the more likely it was to develop. Over time winemakers noticed that these wines were lighter and fresher than their other sherries, with the flor acting as a pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India Post Payments Bank
India Post Payments Bank, abbreviated as IPPB, is a division of India Post which is under the ownership of the Department of Post, a department under Ministry of Communications of the Government of India. Opened in 2018, as of January 2022, the bank has more than 5 crore customers. History On 19 August 2015, the India Post received licence to run a payments bank from the Reserve Bank of India. On 17 August 2016, it was registered as a public limited government company for setting up a payments bank. IPPB is operating with the Department of Posts under Ministry of Communications. The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi. In August 2018, the Union Cabinet approved a cost of for setting up the bank. The first phase of the bank with 650 branches and 3,250 post offices as access points was inaugurated on 1 September 2018. Over ten thousand postmen have been roped into the first phase. By September 2020, the bank had acquired about 3.5 cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sun Pharmaceuticals
The Sun is the star at the center of the Solar System. It is a nearly perfect ball of hot plasma, heated to incandescence by nuclear fusion reactions in its core. The Sun radiates this energy mainly as light, ultraviolet, and infrared radiation, and is the most important source of energy for life on Earth. The Sun's radius is about , or 109 times that of Earth. Its mass is about 330,000 times that of Earth, comprising about 99.86% of the total mass of the Solar System. Roughly three-quarters of the Sun's mass consists of hydrogen (~73%); the rest is mostly helium (~25%), with much smaller quantities of heavier elements, including oxygen, carbon, neon, and iron. The Sun is a G-type main-sequence star (G2V). As such, it is informally, and not completely accurately, referred to as a yellow dwarf (its light is actually white). It formed approximately 4.6 billionAll numbers in this article are short scale. One billion is 109, or 1,000,000,000. years ago from the gravitat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reliance Industries Limited
Reliance Industries Limited is an Indian multinational conglomerate company, headquartered in Mumbai. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. Reliance is one of the most profitable companies in India, the largest publicly traded company in India by market capitalisation, and the largest company in India as measured by revenue. It is also the one of the top largest employer in India with over 236,000 employees in the world. The company is ranked 100th on the Fortune Global 500 list of the world's biggest corporations as of 2022. Reliance continues to be India's largest exporter, accounting for 7% of India's total merchandise exports and it has access to markets in over 100 countries. Reliance is responsible for almost 5% of the Government of India's total revenue from customs and excise duty. It is also the highest income tax payer in the private sector in India. The company has relatively l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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