Banking

National Common Mobility Card (NCMC Rupay Card)

National Common Mobility Card (NCMC), is an inter-operable transport card conceived by the Ministry of Housing and Urban Affairs of the Government of India. It was launched on 4 March 2019. The transport card enables the user to pay for travel, toll duties (toll tax) , retail shopping, and withdraw money. It is enabled through the RuPay card mechanism. The NCMC card … Read more

Harmonisation of Turn Around Time (TAT) and customer compensation

The Reserve Bank has directed various authorised payment systems to put in place appropriate customer grievance redressal mechanism. Further, for some payment systems the Reserve Bank has issued guidelines prescribing compensation to be paid to customers for delay in resolving failed transactions. It is, however, observed that the time taken for resolving customer complaint varies … Read more

‘Positive Pay’ Mechanism for Cheques introduced by RBI

The Cheque Truncation System (CTS) for clearing cheques is operational pan-India and presently covers 2 per cent and 15 per cent of total retail payments in terms of volume and value respectively; the average value of a cheque cleared in CTS presently is ₹82,000. The CTS-2010 standard specifying minimum-security features on cheque leaves acts as … Read more

Scheme of Offline Retail Payments Using Cards and Mobile Devices

There has been considerable growth in digital payments using mobile phones, cards, wallets, etc. Lack of internet connectivity or low speed of internet, especially in remote areas, is a major impediment in adoption of digital payments. Against this backdrop, providing an option of off-line payments through cards, wallets and mobile devices is expected to further … Read more

Online Dispute Resolution (ODR) System for Digital Payments

As the number of digital transactions rise significantly, there is a concomitant increase in the number of disputes and grievances. Recourse to technology-driven redressal mechanisms that are rule-based, transparent and involve minimum (or no) manual intervention is necessary to deal with them in a timely and effective manner. Accordingly, the Reserve Bank shall require Payment … Read more

SWIFT (Society for Worldwide Inter-bank Financial Telecommunication)

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is also known as BIC (Business Identifier Codes) and as SWIFT-BIC, BIC code, SWIFT code, ISO 9362. These codes are used for international money transfer between banks.   SWIFT code Example SBIN IN BB 455 (Example) SBIN – Bank code (SBI) IN – Country Code BB – Location … Read more

Classification of characters in PAN Card

PAN Card is a Permanent Account Number which consists of 10-digit alphanumeric characters and is assigned to all taxpayers in India. It is issued under the Indian Income Tax Act, 1961 by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT). Basically, PAN card is an electronic system in which all the tax related information of a … Read more

Current Account

1. What is meant by a Current Account with a bank? Current bank accounts are very popular among companies, firms, public enterprises, businessmen who generally have higher number of regular transactions with the bank. The current account includes deposits, withdrawals, and contra transactions. Such accounts are also called the Demand Deposit Account. A Current account … Read more

Savings Account

Table of contents: What Is a Savings Account? How Savings Accounts Work? Savings Account Advantages Savings Account Disadvantages Maximizing Earnings Opening a Savings Account How Much to Keep in the Account What Is a Savings Account? A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts … Read more