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Post Bank Of India
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Division (business)
A division, sometimes called a business sector or business unit (segment), is one of the parts into which a business, organization or company is divided. Overview Divisions are distinct parts of a business. If these divisions are all part of the same company, then that company is legally responsible for all of the obligations and debts of the divisions. In the banking industry, an example would be East West Bancorp and its primary subsidiary, East West Bank. Legal responsibility Subsidiaries are separate, distinct legal entities for the purposes of tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...ation, regulation and Legal liability, liability. For this reason, they differ from divisions, which are businesses fully integrated within the main company, and not legally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union Cabinet
The Union Council of Ministers Article 58 of the ''Constitution of India'' is the principal executive organ of the Government of India, which is responsible for being the senior decision making body of the executive branch. It is chaired by the prime minister and consists of the heads of each of the executive government ministries. Currently, the council is headed by prime minister Narendra Modi and consists of 29 members, including the prime minister. The council is subject to the Parliament of India. A smaller executive body called the Union Cabinet is the supreme decision-making body in India; it is a subset of the Union Council of Ministers who hold important portfolios and ministries of the government Wikisource: Constitution of India/Part XVIII Regulation Pursuant to Article 75(3), the Council of Ministers is responsible collectively to the lower house of the Indian parliament, called the Lok Sabha (House of the People). Wikisource:Constitution of India/Part V#Artic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
RuPay
RuPay ''(portmanteau of Rupee and Payment)'' is an Indian multinational financial services and payment service system, conceived and launched by the National Payments Corporation of India (NPCI) on 26 March 2012. It was created to fulfil the Reserve Bank of India's (RBI) vision of establishing a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. NPCI maintains ties with Discover Financial, JCB to enable RuPay card scheme to gain international acceptance. As of November 2020, around 60.3 crores (603.6 million) RuPay cards have been issued by nearly 1,158 banks. All merchant discount rate (MDR) charges were eliminated for RuPay transactions from 1 January 2020. All Indian companies with an annual turnover exceeding are required to offer RuPay payment options to their customers. Background In 2009, RBI had asked the Indian Bank Association to create a non-profit payment company which wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Benefit Transfer
Direct Benefit Transfer or DBT is an attempt to change the mechanism of transferring subsidies launched by Government of India on 1 January 2013. This scheme or program aims to establish a Giro system to transfer subsidies directly to the people through their linked bank accounts. It is hoped that crediting subsidies into bank accounts will reduce leakages, duplicity and delay and the new processes will increase transparency and accountability. While initial DBT implementation has solved certain delivery issues and met some of its objectives, it has created a new set of concerns to be dealt with. For the successful implementation of DBT, beneficiaries were made aware of the importance of creating and keeping a bank account.' Nationwide financial literacy and financial inclusion schemes such as PM's Jan Dhan Yojana (PM's People's Wealth Scheme) launched in August 2014 and the JAM Yojana, that is the bank-mobile-identification trinity, were started to this effect.' Literacy and s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bharat BillPay
Bharat Bill Payment System (BBPS) is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers through a network of agents of registered member as Agent Institutions (AI), enabling multiple payment modes, and providing instant confirmation of payment. National Payments Corporation of India (NPCI) functions as the authorised Bharat Bill Payment Central Unit (BBPCU), which will be responsible for setting business standards, rules and procedures for technical and business requirements for all the participants. NPCI, as the BBPCU, will also undertake clearing and settlement activities related to transactions routed through BBPS. Existing bill aggregators and banks are envisaged to work as Operating Units to provide an interoperable bill payment system irrespective of which unit has on-boarded a particular biller. Payments may be made through the BBPS using cash, transfer cheques, and electronic modes. BBPS has also been integra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross (economics), gross" basis. Settlement (finance), Settlement in "real time" means a payment Financial transaction, transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or net settlement, netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Electronic Funds Transfer
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology. NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages. Unlike real-time gross settlement, fund transfers through the NEFT system do not occur in real-time basis. Previously, NEFT system settled fund transfers in hourly batches with 23 settlements occurring between 00:30 hrs. to 00:00 hrs. From 16 December 2019, there would be 48 half-hourly batches occurring between 00.30 am to 00:00 am every day regardless of a holiday or otherwise, As of 30 November 2019, NEFT facilities were available at 1,48,477 branches/offices of 216 banks across the country and online through the website of NEFT-enabled banks. NEFT has gained popul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Immediate Payment Service
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. NEFT was also made available 24x7 from December 2019. RTGS was also made available 24x7 from 14th December 2020. It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on 22 November 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi signed up for the IMPS service. Around 200 million IMPS transactions amount ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unified Payments Interface
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number on the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money. It runs as an open source application programming interface (API) on top of Immediate Payment Service (IMPS), and is regulated by the Reserve Bank of India (RBI). As of September 2022, there were 358 banks available on the platform with a monthly volume of 6.7 billion transactions amounting to . As of May 2021, the platform has over 10 crore (100 million) monthly active users in India. The proportion of UPI transactions in total volume of digital transactions grew from 23% in 2018–19 to 55% in 2020–21 with an average valu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
QR Code Payment
QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infrastructure traditionally associated with electronic payments such as payment cards, payment networks, payment terminal and merchant accounts. To make a QR code payment, the consumer scans the QR code displayed by the merchant with their smartphone to pay for their goods. They enter the amount they have to pay and finally submit. This is a more secure card-not-present method than others. History The QR code system was invented in 1994 by Masahiro Hara from the Japanese company Denso Wave. The first mobile wallet app for cryptocurrency Bitcoin featured the ability to send and receive payments with QR codes in March 2011. In 2011, Chinese company Alipay designed a QR code payment method which allowed partnering offline stores to accept p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Current Account (banking)
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards, cheques (checks) and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms, they are considered as cash. Transaction accounts are known by a variety of descriptions, including a current account (British English), chequing account or checking account when held by a bank, share draft account when held by a credit union in North America. In the United Kingdom, Hong Kong, India and a number of other countries, they are commonly called current or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Account
A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online. People deposit funds in savings account for a variety of reasons, including a safe place to hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the account balance. There are many types of savings accounts, often serving particular purposes. These can include accounts fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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